The Manufacturers Life Insurance Company Sells 4,284 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

The Manufacturers Life Insurance Company lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,202 shares of the bank’s stock after selling 4,284 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.15% of Prosperity Bancshares worth $6,523,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PB. Sowell Financial Services LLC lifted its stake in Prosperity Bancshares by 79.4% in the 1st quarter. Sowell Financial Services LLC now owns 678 shares of the bank’s stock valued at $33,000 after acquiring an additional 300 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $35,000. Bartlett & Co. LLC bought a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $51,000. Steward Partners Investment Advisory LLC lifted its stake in Prosperity Bancshares by 24.2% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 1,246 shares of the bank’s stock valued at $60,000 after acquiring an additional 243 shares in the last quarter. Finally, KBC Group NV bought a new stake in Prosperity Bancshares in the 4th quarter valued at approximately $62,000. Institutional investors and hedge funds own 80.41% of the company’s stock.

PB stock opened at $57.35 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $5.31 billion, a PE ratio of 11.03, a PEG ratio of 1.10 and a beta of 1.47. Prosperity Bancshares, Inc. has a 1-year low of $42.02 and a 1-year high of $75.22. The business’s 50 day simple moving average is $61.63 and its 200 day simple moving average is $62.59.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 29th. The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.19. The business had revenue of $290.42 million for the quarter, compared to analyst estimates of $281.40 million. Prosperity Bancshares had a return on equity of 8.32% and a net margin of 35.42%. During the same period in the previous year, the firm earned $1.18 EPS. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.19 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend was Friday, June 12th. Prosperity Bancshares’s payout ratio is presently 36.65%.

Several equities research analysts have commented on the company. Zacks Investment Research upgraded Prosperity Bancshares from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Thursday. TheStreet upgraded Prosperity Bancshares from a “c+” rating to a “b-” rating in a research note on Thursday, June 18th. SunTrust Banks upped their price objective on Prosperity Bancshares from $75.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $50.00 to $66.00 in a research note on Thursday, April 30th. Finally, Keefe, Bruyette & Woods upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $76.00 price objective on the stock in a research note on Wednesday, April 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $71.15.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.

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Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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