Ngam Advisors L.P. reduced its stake in shares of Prosperity Bancshares Inc. (NYSE:PB) by 2.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 244,118 shares of the company’s stock after selling 6,004 shares during the period. Ngam Advisors L.P. owned 0.35% of Prosperity Bancshares worth $13,400,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the stock. Glenmede Trust Co. NA boosted its stake in Prosperity Bancshares by 5.1% in the second quarter. Glenmede Trust Co. NA now owns 2,986 shares of the company’s stock valued at $151,000 after buying an additional 145 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Prosperity Bancshares by 13.2% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 2,756 shares of the company’s stock valued at $151,000 after buying an additional 322 shares during the period. LS Investment Advisors LLC boosted its stake in Prosperity Bancshares by 74.6% in the second quarter. LS Investment Advisors LLC now owns 3,926 shares of the company’s stock valued at $200,000 after buying an additional 1,677 shares during the period. Fox Run Management L.L.C. acquired a new stake in Prosperity Bancshares during the second quarter valued at about $214,000. Finally, Salzhauer Michael acquired a new stake in Prosperity Bancshares during the second quarter valued at about $226,000. 74.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Prosperity Bancshares Inc. (NYSE:PB) opened at 66.19 on Friday. The stock has a market capitalization of $4.60 billion, a P/E ratio of 16.76 and a beta of 1.19. The firm’s 50-day moving average price is $57.85 and its 200-day moving average price is $53.79. Prosperity Bancshares Inc. has a one year low of $33.57 and a one year high of $66.54.
Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $0.99 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.99. Prosperity Bancshares had a return on equity of 7.83% and a net margin of 34.83%. The company had revenue of $183.80 million for the quarter, compared to analyst estimates of $189.25 million. During the same quarter in the prior year, the company posted $1.01 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities research analysts anticipate that Prosperity Bancshares Inc. will post $3.92 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 16th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Wednesday, December 14th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.30. Prosperity Bancshares’s dividend payout ratio is currently 30.30%.
PB has been the subject of several recent analyst reports. Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, September 27th. Wedbush initiated coverage on Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating and a $54.00 target price for the company. SunTrust Banks Inc. initiated coverage on Prosperity Bancshares in a research note on Thursday, October 6th. They set a “neutral” rating for the company. FBR & Co raised Prosperity Bancshares from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $55.00 to $60.00 in a research note on Tuesday, October 11th. Finally, Deutsche Bank AG lifted their price objective on Prosperity Bancshares from $54.00 to $59.00 and gave the company a “hold” rating in a research note on Tuesday, October 11th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $52.79.
In other news, Director Robert H. Steelhammer sold 2,900 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $54.00, for a total transaction of $156,600.00. Following the completion of the sale, the director now directly owns 160,800 shares in the company, valued at approximately $8,683,200. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Epps sold 5,000 shares of the company’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $63.90, for a total value of $319,500.00. Following the sale, the insider now owns 110,303 shares of the company’s stock, valued at $7,048,361.70. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.
About Prosperity Bancshares