Raymond James Financial Services Advisors Inc. raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 2.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,955 shares of the bank’s stock after buying an additional 1,365 shares during the period. Raymond James Financial Services Advisors Inc. owned about 0.05% of Prosperity Bancshares worth $3,485,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Prosperity Bancshares by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 9,298,310 shares of the bank’s stock valued at $620,011,000 after purchasing an additional 40,530 shares in the last quarter. BlackRock Inc. raised its position in shares of Prosperity Bancshares by 3.1% in the 1st quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock worth $569,805,000 after acquiring an additional 244,440 shares in the last quarter. State Street Corp increased its position in Prosperity Bancshares by 13.0% in the 1st quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock valued at $539,069,000 after buying an additional 890,236 shares in the last quarter. Brown Advisory Inc. increased its position in Prosperity Bancshares by 1.2% in the 3rd quarter. Brown Advisory Inc. now owns 2,582,230 shares of the bank’s stock valued at $172,184,000 after buying an additional 30,734 shares in the last quarter. Finally, Scout Investments Inc. boosted its stake in Prosperity Bancshares by 24.6% during the 4th quarter. Scout Investments Inc. now owns 1,007,506 shares of the bank’s stock valued at $73,226,000 after purchasing an additional 198,971 shares during the last quarter. Institutional investors own 81.32% of the company’s stock.
Prosperity Bancshares Trading Down 1.8 %
NYSE:PB opened at $60.29 on Monday. Prosperity Bancshares, Inc. has a 12 month low of $56.72 and a 12 month high of $78.76. The company has a 50 day simple moving average of $61.06 and a two-hundred day simple moving average of $69.02. The company has a market cap of $5.68 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.12 and a beta of 0.96.
Prosperity Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.65%. The ex-dividend date is Wednesday, June 14th. Prosperity Bancshares’s dividend payout ratio is currently 38.13%.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on the company. DA Davidson upgraded Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 target price on the stock in a research note on Monday, March 13th. Janney Montgomery Scott upgraded Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Monday, March 13th. Wolfe Research raised Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price objective on the stock in a research note on Wednesday, May 3rd. Morgan Stanley cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $58.00 to $60.00 in a research note on Tuesday, May 16th. Finally, Raymond James cut their target price on Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $73.73.
Insider Buying and Selling
In other news, Director L. Jack Lord bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was bought at an average price of $62.04 per share, with a total value of $310,200.00. Following the acquisition, the director now owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman H E. Timanus, Jr. purchased 1,000 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were acquired at an average price of $62.90 per share, for a total transaction of $62,900.00. Following the purchase, the chairman now directly owns 202,891 shares in the company, valued at $12,761,843.90. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director L. Jack Lord bought 5,000 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were acquired at an average price of $62.04 per share, for a total transaction of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares in the company, valued at approximately $2,055,075. The disclosure for this purchase can be found here. 4.20% of the stock is currently owned by insiders.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.
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