Great Lakes Advisors LLC lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 14.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,264 shares of the bank’s stock after purchasing an additional 17,334 shares during the quarter. Great Lakes Advisors LLC’s holdings in Prosperity Bancshares were worth $9,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently bought and sold shares of PB. First Mercantile Trust Co. increased its holdings in Prosperity Bancshares by 62.9% in the 4th quarter. First Mercantile Trust Co. now owns 570 shares of the bank’s stock worth $35,000 after buying an additional 220 shares in the last quarter. Captrust Financial Advisors increased its holdings in Prosperity Bancshares by 513.1% in the 4th quarter. Captrust Financial Advisors now owns 607 shares of the bank’s stock worth $38,000 after buying an additional 508 shares in the last quarter. Advisory Services Network LLC increased its holdings in Prosperity Bancshares by 88.3% in the 4th quarter. Advisory Services Network LLC now owns 900 shares of the bank’s stock worth $56,000 after buying an additional 422 shares in the last quarter. Lake Point Wealth Management bought a new stake in Prosperity Bancshares in the 4th quarter worth about $56,000. Finally, Toronto Dominion Bank bought a new stake in Prosperity Bancshares in the 4th quarter worth about $75,000. 83.04% of the stock is owned by hedge funds and other institutional investors.
PB has been the subject of a number of recent research reports. Zacks Investment Research upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, February 1st. FIG Partners restated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. SunTrust Banks boosted their price target on Prosperity Bancshares to $84.00 and gave the company a “buy” rating in a research note on Thursday, January 31st. Stephens restated a “hold” rating and set a $76.00 price target on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Finally, Hovde Group downgraded Prosperity Bancshares from an “outperform” rating to a “market perform” rating and set a $79.00 price target for the company. in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $75.50.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.01. The company had revenue of $183.06 million during the quarter, compared to the consensus estimate of $185.27 million. Prosperity Bancshares had a return on equity of 8.20% and a net margin of 38.42%. During the same period in the previous year, the company posted $1.07 EPS. On average, research analysts predict that Prosperity Bancshares, Inc. will post 4.8 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.41 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.36%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 35.57%.
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Prosperity Bancshares Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; and consumer durables and home equity loans.
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