Advisory Services Network LLC grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 66.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,501 shares of the bank’s stock after purchasing an additional 601 shares during the period. Advisory Services Network LLC’s holdings in Prosperity Bancshares were worth $104,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the business. Louisiana State Employees Retirement System grew its position in shares of Prosperity Bancshares by 1.1% during the first quarter. Louisiana State Employees Retirement System now owns 17,800 shares of the bank’s stock worth $1,229,000 after acquiring an additional 200 shares during the last quarter. Stephens Inc. AR grew its position in Prosperity Bancshares by 8.9% in the 1st quarter. Stephens Inc. AR now owns 3,728 shares of the bank’s stock valued at $257,000 after buying an additional 305 shares in the last quarter. Retirement Systems of Alabama grew its position in Prosperity Bancshares by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 86,376 shares of the bank’s stock valued at $5,965,000 after buying an additional 353 shares in the last quarter. American International Group Inc. grew its position in Prosperity Bancshares by 0.3% in the 4th quarter. American International Group Inc. now owns 135,237 shares of the bank’s stock valued at $8,425,000 after buying an additional 366 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in Prosperity Bancshares by 9.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,781 shares of the bank’s stock valued at $330,000 after buying an additional 418 shares in the last quarter. 82.48% of the stock is currently owned by institutional investors.
PB stock traded up $0.71 during midday trading on Thursday, hitting $67.44. 327,700 shares of the company traded hands, compared to its average volume of 431,326. Prosperity Bancshares, Inc. has a twelve month low of $57.01 and a twelve month high of $76.25. The firm’s 50 day simple moving average is $66.42. The company has a market cap of $4.71 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.66 and a beta of 1.35.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.43%. Prosperity Bancshares’s payout ratio is presently 35.57%.
Several equities analysts have recently weighed in on PB shares. Raymond James set a C$80.00 price objective on shares of West Fraser Timber and gave the company a “strong-buy” rating in a research report on Tuesday, June 18th. Sanford C. Bernstein lowered shares of SVB Financial Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 28th. Zacks Investment Research raised shares of IMI PLC/S from a “sell” rating to a “hold” rating in a research note on Wednesday, April 3rd. FIG Partners reaffirmed an “outperform” rating on shares of Two Rivers Bancorp in a research note on Wednesday, April 24th. Finally, Stephens set a $74.00 price objective on shares of Prosperity Bancshares and gave the company a “hold” rating in a research note on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $73.95.
About Prosperity Bancshares
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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