American Century Companies Inc. acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,372 shares of the bank’s stock, valued at approximately $419,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in PB. Canada Pension Plan Investment Board purchased a new position in Prosperity Bancshares during the 3rd quarter valued at about $105,000. Huntington National Bank increased its holdings in Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock valued at $109,000 after acquiring an additional 143 shares in the last quarter. Pacad Investment Ltd. purchased a new position in Prosperity Bancshares during the 2nd quarter valued at about $109,000. PNC Financial Services Group Inc. increased its holdings in Prosperity Bancshares by 8.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,424 shares of the bank’s stock valued at $156,000 after acquiring an additional 185 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock valued at $160,000 after acquiring an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 76.92% of the company’s stock.
Several equities analysts have weighed in on the stock. SunTrust Banks restated a “buy” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Wednesday. ValuEngine upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Barclays assumed coverage on shares of Prosperity Bancshares in a report on Thursday, August 3rd. They set an “overweight” rating and a $72.00 target price for the company. Finally, Raymond James Financial restated an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Prosperity Bancshares currently has a consensus rating of “Hold” and an average price target of $71.45.
Shares of Prosperity Bancshares, Inc. (NYSE PB) traded down $0.21 during midday trading on Friday, hitting $69.83. 371,693 shares of the stock were exchanged, compared to its average volume of 465,041. The stock has a market capitalization of $4,850.00, a P/E ratio of 17.18, a PEG ratio of 1.72 and a beta of 1.36. Prosperity Bancshares, Inc. has a 1-year low of $55.84 and a 1-year high of $77.87.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The business had revenue of $184.96 million during the quarter, compared to the consensus estimate of $185.59 million. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. During the same period in the previous year, the firm posted $0.99 earnings per share. sell-side analysts forecast that Prosperity Bancshares, Inc. will post 3.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, December 14th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.06%. Prosperity Bancshares’s payout ratio is 34.52%.
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Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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