UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 5.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 328,806 shares of the bank's stock after selling 19,394 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.35% of Prosperity Bancshares worth $24,776,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in Prosperity Bancshares by 3.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank's stock worth $21,128,000 after buying an additional 10,589 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock worth $549,000 after acquiring an additional 2,263 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Prosperity Bancshares by 5.9% in the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock worth $578,000 after acquiring an additional 427 shares during the last quarter. Hodges Capital Management Inc. boosted its position in shares of Prosperity Bancshares by 4.9% in the fourth quarter. Hodges Capital Management Inc. now owns 147,231 shares of the bank's stock worth $11,094,000 after acquiring an additional 6,902 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Prosperity Bancshares by 20.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 3,784 shares of the bank's stock worth $285,000 after acquiring an additional 632 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.
Prosperity Bancshares Price Performance
NYSE PB traded down $0.37 during trading hours on Friday, reaching $69.75. The company's stock had a trading volume of 581,014 shares, compared to its average volume of 594,688. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The company's 50-day moving average is $68.75 and its two-hundred day moving average is $74.47. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 0.94 and a beta of 0.70.
Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. During the same period last year, the business posted $1.18 earnings per share. The company's quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.
Prosperity Bancshares Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.
Insider Transactions at Prosperity Bancshares
In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total transaction of $35,315.00. Following the completion of the sale, the director now directly owns 104,815 shares in the company, valued at $7,403,083.45. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 7,700 shares of company stock valued at $537,759 in the last quarter. 4.20% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on PB shares. Keefe, Bruyette & Woods dropped their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Royal Bank of Canada dropped their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Barclays dropped their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and an average price target of $83.80.
Check Out Our Latest Analysis on Prosperity Bancshares
About Prosperity Bancshares
(
Free Report)
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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