Massachusetts Financial Services Co. MA boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,914,582 shares of the bank’s stock after buying an additional 198,601 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Prosperity Bancshares were worth $207,314,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Teacher Retirement System of Texas increased its holdings in Prosperity Bancshares by 20.3% in the third quarter. Teacher Retirement System of Texas now owns 14,769 shares of the bank’s stock valued at $1,051,000 after buying an additional 2,495 shares during the last quarter. Inspire Investing LLC bought a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $244,000. South Dakota Investment Council grew its holdings in shares of Prosperity Bancshares by 8.6% during the third quarter. South Dakota Investment Council now owns 145,129 shares of the bank’s stock valued at $10,323,000 after purchasing an additional 11,500 shares during the last quarter. Inscription Capital LLC bought a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $787,000. Finally, Private Management Group Inc. grew its holdings in shares of Prosperity Bancshares by 15.7% during the third quarter. Private Management Group Inc. now owns 462,764 shares of the bank’s stock valued at $32,916,000 after purchasing an additional 62,894 shares during the last quarter. 78.93% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently commented on PB shares. Raymond James lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 16th. Morgan Stanley upped their target price on Prosperity Bancshares from $83.00 to $91.00 and gave the company an “equal weight” rating in a report on Monday, December 6th. Finally, Zacks Investment Research lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a report on Thursday, October 7th.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Tuesday, October 26th. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.02. The business had revenue of $282.96 million during the quarter, compared to the consensus estimate of $279.83 million. Prosperity Bancshares had a return on equity of 8.47% and a net margin of 43.67%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.40 earnings per share. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.6 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, January 3rd. Shareholders of record on Wednesday, December 15th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 2.61%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Tuesday, December 14th. Prosperity Bancshares’s dividend payout ratio is 36.36%.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan services, investments, trust, and credit card to small and medium-sized businesses and consumers.
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