Interval Partners LP lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 91,168 shares of the bank's stock after selling 23,989 shares during the period. Interval Partners LP owned approximately 0.10% of Prosperity Bancshares worth $6,870,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fiduciary Trust Co purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $234,000. Deutsche Bank AG boosted its position in shares of Prosperity Bancshares by 10.6% during the fourth quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock valued at $467,000 after buying an additional 592 shares during the period. Dean Capital Management boosted its position in shares of Prosperity Bancshares by 21.7% during the fourth quarter. Dean Capital Management now owns 29,081 shares of the bank's stock valued at $2,191,000 after buying an additional 5,178 shares during the period. Cetera Investment Advisers boosted its position in shares of Prosperity Bancshares by 5.9% during the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after buying an additional 427 shares during the period. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $672,000. Hedge funds and other institutional investors own 80.69% of the company's stock.
Prosperity Bancshares Stock Performance
NYSE:PB traded up $0.10 during trading hours on Thursday, reaching $72.24. The company's stock had a trading volume of 610,526 shares, compared to its average volume of 582,750. The company has a market capitalization of $6.88 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The stock has a 50 day moving average price of $68.79 and a two-hundred day moving average price of $75.07.
Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Prosperity Bancshares's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.18 earnings per share. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.
Insider Buying and Selling
In related news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total value of $35,315.00. Following the transaction, the director now directly owns 104,815 shares of the company's stock, valued at $7,403,083.45. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,500 shares of company stock valued at $382,420 over the last 90 days. Corporate insiders own 4.20% of the company's stock.
Analyst Ratings Changes
PB has been the subject of several recent analyst reports. Stephens boosted their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Raymond James boosted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Royal Bank of Canada dropped their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Hovde Group lowered their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods lowered their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.71.
Check Out Our Latest Analysis on Prosperity Bancshares
Prosperity Bancshares Profile
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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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