Raymond James Financial Inc. acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 114,707 shares of the bank’s stock, valued at approximately $8,643,000.
A number of other institutional investors have also recently added to or reduced their stakes in PB. Swiss National Bank grew its stake in Prosperity Bancshares by 1.8% during the 3rd quarter. Swiss National Bank now owns 187,367 shares of the bank’s stock worth $13,504,000 after buying an additional 3,300 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Prosperity Bancshares by 61.8% during the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after purchasing an additional 1,849 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after purchasing an additional 534 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Prosperity Bancshares by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares during the period. Finally, Cerity Partners LLC increased its holdings in shares of Prosperity Bancshares by 22.6% during the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock valued at $453,000 after purchasing an additional 1,157 shares during the period. 80.69% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on PB. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. Barclays raised their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Morgan Stanley lowered their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, UBS Group decreased their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $83.50.
Check Out Our Latest Research Report on PB
Prosperity Bancshares Stock Down 0.1 %
NYSE:PB opened at $70.49 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. The stock has a fifty day simple moving average of $76.43 and a 200 day simple moving average of $76.17.
Prosperity Bancshares (NYSE:PB – Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.
Prosperity Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.29%. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.
Insider Activity at Prosperity Bancshares
In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total value of $35,430.00. Following the completion of the transaction, the director now owns 104,315 shares in the company, valued at $7,391,760.90. This trade represents a 0.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 5,500 shares of company stock worth $418,095 in the last quarter. 4.28% of the stock is owned by company insiders.
Prosperity Bancshares Profile
(Free Report)
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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