State Treasurer State of Michigan Decreases Stake in Prosperity Bancshares, Inc. (NYSE:PB)
State Treasurer State of Michigan cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 17.3% during the second quarter, Holdings Channel reports. The institutional investor owned 19,600 shares of the bank’s stock after selling 4,100 shares during the quarter. State Treasurer State of Michigan’s holdings in Prosperity Bancshares were worth $1,295,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the stock. Virginia Retirement Systems ET AL purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at $991,000. Steward Partners Investment Advisory LLC acquired a new position in Prosperity Bancshares in the second quarter valued at $55,000. Strs Ohio increased its stake in Prosperity Bancshares by 16.1% in the second quarter. Strs Ohio now owns 6,410 shares of the bank’s stock valued at $423,000 after purchasing an additional 888 shares during the last quarter. Arizona State Retirement System increased its stake in Prosperity Bancshares by 1.1% in the second quarter. Arizona State Retirement System now owns 48,169 shares of the bank’s stock valued at $3,182,000 after purchasing an additional 522 shares during the last quarter. Finally, Davy Asset Management Ltd acquired a new position in Prosperity Bancshares in the second quarter valued at $866,000. Hedge funds and other institutional investors own 83.59% of the company’s stock.
Several research firms recently commented on PB. Raymond James upgraded Prosperity Bancshares from an “underperform” rating to a “market perform” rating and set a $62.71 target price for the company in a research note on Tuesday, June 18th. Stephens set a $74.00 target price on Prosperity Bancshares and gave the company a “hold” rating in a research note on Monday, June 17th. Sanford C. Bernstein lowered Prosperity Bancshares from a “mkt perform” rating to an “underperform” rating in a research note on Tuesday, May 28th. Finally, FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $73.95.
Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.18 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.18. The firm had revenue of $184.80 million during the quarter, compared to analyst estimates of $186.94 million. Prosperity Bancshares had a return on equity of 8.12% and a net margin of 38.27%. During the same period in the prior year, the firm posted $1.17 earnings per share. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 4.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.64 annualized dividend and a yield of 2.50%. Prosperity Bancshares’s payout ratio is currently 35.57%.
In other news, Vice Chairman H E. Timanus, Jr. purchased 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $64.39 per share, for a total transaction of $643,900.00. Following the completion of the purchase, the insider now directly owns 148,837 shares of the company’s stock, valued at approximately $9,583,614.43. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.86% of the company’s stock.
Prosperity Bancshares Company 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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