Teachers Retirement System of The State of Kentucky bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) during the 3rd quarter, HoldingsChannel reports. The firm bought 74,418 shares of the bank’s stock, valued at approximately $4,962,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Glenmede Trust Co. NA bought a new position in Prosperity Bancshares during the 3rd quarter worth about $1,477,000. Captrust Financial Advisors grew its holdings in Prosperity Bancshares by 149.4% during the 3rd quarter. Captrust Financial Advisors now owns 12,729 shares of the bank’s stock worth $849,000 after acquiring an additional 7,626 shares in the last quarter. Jane Street Group LLC grew its holdings in Prosperity Bancshares by 23.4% during the 3rd quarter. Jane Street Group LLC now owns 6,193 shares of the bank’s stock worth $413,000 after acquiring an additional 1,176 shares in the last quarter. Trexquant Investment LP bought a new position in Prosperity Bancshares during the 3rd quarter worth about $1,076,000. Finally, Vanguard Group Inc. grew its holdings in Prosperity Bancshares by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,298,310 shares of the bank’s stock worth $620,011,000 after acquiring an additional 40,530 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. purchased 1,000 shares of Prosperity Bancshares stock in a transaction on Monday, March 13th. The stock was bought at an average cost of $62.90 per share, with a total value of $62,900.00. Following the transaction, the chairman now owns 202,891 shares of the company’s stock, valued at approximately $12,761,843.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.22% of the stock is owned by company insiders.
Prosperity Bancshares Stock Down 4.3 %
Prosperity Bancshares (NYSE:PB – Get Rating) last released its earnings results on Wednesday, January 25th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $346.32 million during the quarter, compared to analysts’ expectations of $296.52 million. Prosperity Bancshares had a net margin of 42.30% and a return on equity of 7.97%. During the same period last year, the business earned $1.38 EPS. On average, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.86 earnings per share for the current year.
Prosperity Bancshares Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Wednesday, March 15th will be paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Tuesday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 38.39%.
Analyst Ratings Changes
Several brokerages have issued reports on PB. Raymond James upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a report on Tuesday, February 21st. StockNews.com began coverage on shares of Prosperity Bancshares in a report on Thursday. They issued a “sell” rating on the stock. Morgan Stanley began coverage on shares of Prosperity Bancshares in a report on Monday, December 5th. They issued an “equal weight” rating and a $69.00 price target on the stock. DA Davidson upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price target on the stock in a report on Monday, March 13th. Finally, Janney Montgomery Scott upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Monday, March 13th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and an average target price of $76.00.
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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