US Bancorp DE lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,170 shares of the bank’s stock after selling 302 shares during the quarter. US Bancorp DE’s holdings in Prosperity Bancshares were worth $345,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. State Street Corp raised its stake in Prosperity Bancshares by 7.4% in the second quarter. State Street Corp now owns 8,284,856 shares of the bank’s stock valued at $569,912,000 after purchasing an additional 570,234 shares in the last quarter. BlackRock Inc. raised its stake in Prosperity Bancshares by 3.1% during the first quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock worth $569,805,000 after acquiring an additional 244,440 shares in the last quarter. Victory Capital Management Inc. raised its stake in Prosperity Bancshares by 25.5% during the second quarter. Victory Capital Management Inc. now owns 4,856,706 shares of the bank’s stock worth $331,567,000 after acquiring an additional 985,739 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Prosperity Bancshares by 2.0% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,213,953 shares of the bank’s stock worth $219,416,000 after acquiring an additional 63,385 shares in the last quarter. Finally, Brown Advisory Inc. raised its stake in Prosperity Bancshares by 0.9% during the second quarter. Brown Advisory Inc. now owns 2,473,989 shares of the bank’s stock worth $168,899,000 after acquiring an additional 22,215 shares in the last quarter. Institutional investors own 81.32% of the company’s stock.
Analyst Upgrades and Downgrades
PB has been the subject of several research analyst reports. Hovde Group boosted their target price on Prosperity Bancshares to $79.00 in a research note on Thursday, October 13th. Compass Point lowered their target price on Prosperity Bancshares to $82.00 in a research note on Thursday, October 20th. Stephens reduced their price target on Prosperity Bancshares from $79.00 to $78.00 and set an “equal weight” rating on the stock in a report on Thursday, October 27th. Wedbush restated a “neutral” rating and set a $70.00 price target on shares of Prosperity Bancshares in a report on Wednesday, September 28th. Finally, Morgan Stanley initiated coverage on Prosperity Bancshares in a report on Monday, December 5th. They set an “equal weight” rating and a $69.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $74.89.
Prosperity Bancshares Price Performance
Prosperity Bancshares (NYSE:PB – Get Rating) last announced its earnings results on Wednesday, October 26th. The bank reported $1.49 EPS for the quarter, missing the consensus estimate of $1.51 by ($0.02). The company had revenue of $295.37 million during the quarter, compared to the consensus estimate of $297.27 million. Prosperity Bancshares had a net margin of 43.40% and a return on equity of 7.88%. During the same quarter in the previous year, the company earned $1.39 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.71 earnings per share for the current year.
Prosperity Bancshares Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Tuesday, March 14th. Prosperity Bancshares’s payout ratio is 39.29%.
Prosperity Bancshares Profile
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, investments, trust, and credit card to small and medium-sized businesses and consumers.
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