FMR LLC trimmed its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 25.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,994,740 shares of the bank’s stock after selling 671,501 shares during the quarter. FMR LLC owned about 2.86% of Prosperity Bancshares worth $137,757,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of PB. Vanguard Group Inc lifted its position in shares of Prosperity Bancshares by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 6,511,344 shares of the bank’s stock valued at $451,561,000 after acquiring an additional 90,531 shares during the last quarter. BlackRock Inc. lifted its position in shares of Prosperity Bancshares by 3.8% during the 4th quarter. BlackRock Inc. now owns 6,053,707 shares of the bank’s stock valued at $377,145,000 after acquiring an additional 222,229 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Prosperity Bancshares by 0.6% during the 1st quarter. Victory Capital Management Inc. now owns 3,442,366 shares of the bank’s stock valued at $237,730,000 after acquiring an additional 22,025 shares during the last quarter. Atlanta Capital Management Co. L L C lifted its position in shares of Prosperity Bancshares by 97.7% during the 4th quarter. Atlanta Capital Management Co. L L C now owns 3,283,698 shares of the bank’s stock valued at $204,574,000 after acquiring an additional 1,622,743 shares during the last quarter. Finally, Champlain Investment Partners LLC lifted its position in shares of Prosperity Bancshares by 2.4% during the 1st quarter. Champlain Investment Partners LLC now owns 2,032,300 shares of the bank’s stock valued at $140,351,000 after acquiring an additional 47,085 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.
PB has been the subject of a number of research analyst reports. Stephens set a $74.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a report on Monday, June 17th. Raymond James set a C$80.00 target price on West Fraser Timber and gave the company a “strong-buy” rating in a report on Tuesday, June 18th. Sanford C. Bernstein downgraded 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. Finally, FIG Partners reissued an “outperform” rating on shares of Two Rivers Bancorp in a research report on Wednesday, April 24th. Two equities research 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’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $73.95.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.01. Prosperity Bancshares had a net margin of 38.42% and a return on equity of 8.20%. The business had revenue of $183.06 million during the quarter, compared to analysts’ expectations of $185.27 million. During the same quarter last year, the company earned $1.07 earnings per share. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 4.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, June 13th. Prosperity Bancshares’s dividend payout ratio is 35.57%.
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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