Dimensional Fund Advisors LP decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,721,579 shares of the bank’s stock after selling 10,248 shares during the period. Dimensional Fund Advisors LP’s holdings in Prosperity Bancshares were worth $119,391,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. Victory Capital Management Inc. increased its position in Prosperity Bancshares by 5,391.8% during the third quarter. Victory Capital Management Inc. now owns 2,077,672 shares of the bank’s stock worth $144,086,000 after buying an additional 2,039,840 shares during the period. Atlanta Capital Management Co. L L C increased its position in Prosperity Bancshares by 218.3% during the third quarter. Atlanta Capital Management Co. L L C now owns 1,660,955 shares of the bank’s stock worth $115,187,000 after buying an additional 1,139,085 shares during the period. Findlay Park Partners LLP increased its position in Prosperity Bancshares by 53.1% during the second quarter. Findlay Park Partners LLP now owns 2,924,575 shares of the bank’s stock worth $199,924,000 after buying an additional 1,014,890 shares during the period. American Century Companies Inc. acquired a new position in Prosperity Bancshares during the third quarter worth approximately $42,766,000. Finally, Millennium Management LLC acquired a new position in Prosperity Bancshares during the second quarter worth approximately $17,134,000. 81.31% of the stock is currently owned by institutional investors.
Shares of PB stock opened at $66.09 on Friday. Prosperity Bancshares, Inc. has a twelve month low of $60.15 and a twelve month high of $79.20. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 1.71 and a beta of 1.33.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Saturday, December 15th will be paid a $0.41 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.36. This represents a $1.64 annualized dividend and a dividend yield of 2.48%. The ex-dividend date of this dividend is Thursday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 36.55%.
In related news, Director Robert H. Steelhammer sold 2,180 shares of Prosperity Bancshares stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $65.44, for a total value of $142,659.20. Following the sale, the director now directly owns 133,055 shares in the company, valued at $8,707,119.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Robert H. Steelhammer sold 3,615 shares of Prosperity Bancshares stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $62.97, for a total value of $227,636.55. Following the completion of the sale, the director now owns 135,235 shares in the company, valued at $8,515,747.95. The disclosure for this sale can be found here. Company insiders own 5.05% of the company’s stock.
Several research analysts have commented on the company. Stephens set a $70.00 price target on Prosperity Bancshares and gave the stock a “hold” rating in a research report on Wednesday, October 24th. SunTrust Banks cut their price target on Prosperity Bancshares to $68.00 and set a “buy” rating on the stock in a research report on Thursday, October 25th. They noted that the move was a valuation call. Zacks Investment Research downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Morgan Stanley lowered their target price on Prosperity Bancshares from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Finally, Robert W. Baird upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating in a research note on Thursday, October 25th. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $73.60.
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Prosperity Bancshares 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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