Envestnet Asset Management Inc. boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3,568.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 190,669 shares of the bank’s stock after purchasing an additional 185,472 shares during the quarter. Envestnet Asset Management Inc. owned about 0.27% of Prosperity Bancshares worth $12,532,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Brown Advisory Inc. raised its position in shares of Prosperity Bancshares by 4.9% during the 3rd quarter. Brown Advisory Inc. now owns 495,809 shares of the bank’s stock worth $32,590,000 after buying an additional 23,337 shares in the last quarter. Salzhauer Michael grew its stake in shares of Prosperity Bancshares by 22.6% in the 3rd quarter. Salzhauer Michael now owns 5,435 shares of the bank’s stock worth $357,000 after purchasing an additional 1,002 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Prosperity Bancshares by 8.4% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 367,263 shares of the bank’s stock worth $24,141,000 after purchasing an additional 28,485 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Prosperity Bancshares by 8.9% in the 3rd quarter. Legal & General Group Plc now owns 80,493 shares of the bank’s stock worth $5,290,000 after purchasing an additional 6,584 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Prosperity Bancshares by 1.7% in the third quarter. Nordea Investment Management AB now owns 133,785 shares of the bank’s stock worth $8,794,000 after acquiring an additional 2,234 shares in the last quarter. Hedge funds and other institutional investors own 76.80% of the company’s stock.
PB has been the topic of several analyst reports. Royal Bank of Canada reissued a “hold” rating and issued a $71.00 target price on shares of Prosperity Bancshares in a research report on Friday, September 8th. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, September 26th. SunTrust Banks reaffirmed a “buy” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research report on Monday, October 2nd. ValuEngine downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $79.00 target price on shares of Prosperity Bancshares in a research note on Friday, December 22nd. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $72.68.
Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The business had revenue of $184.96 million for the quarter, compared to analyst estimates of $185.59 million. During the same quarter in the prior year, the firm earned $0.99 EPS. analysts expect that Prosperity Bancshares, Inc. will post 3.95 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be issued a $0.36 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.44 annualized dividend and a dividend yield of 2.06%. Prosperity Bancshares’s dividend payout ratio is presently 36.55%.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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