Huntington National Bank Sells 267 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

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Huntington National Bank decreased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 15.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,436 shares of the bank’s stock after selling 267 shares during the quarter. Huntington National Bank’s holdings in Prosperity Bancshares were worth $101,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. lifted its stake in Prosperity Bancshares by 9.3% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 95,650 shares of the bank’s stock valued at $6,756,000 after acquiring an additional 8,160 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Prosperity Bancshares by 11.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 141,280 shares of the bank’s stock valued at $9,980,000 after acquiring an additional 14,634 shares in the last quarter. LS Investment Advisors LLC lifted its stake in Prosperity Bancshares by 4.5% in the 3rd quarter. LS Investment Advisors LLC now owns 3,425 shares of the bank’s stock valued at $242,000 after acquiring an additional 149 shares in the last quarter. Texas Permanent School Fund lifted its stake in Prosperity Bancshares by 4.3% in the 3rd quarter. Texas Permanent School Fund now owns 47,000 shares of the bank’s stock valued at $3,320,000 after acquiring an additional 1,957 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in Prosperity Bancshares by 43.9% in the 3rd quarter. California Public Employees Retirement System now owns 150,484 shares of the bank’s stock valued at $10,629,000 after acquiring an additional 45,921 shares in the last quarter. Hedge funds and other institutional investors own 84.47% of the company’s stock.

Shares of Prosperity Bancshares stock traded down $0.07 on Friday, reaching $72.05. 335,791 shares of the company were exchanged, compared to its average volume of 499,122. Prosperity Bancshares, Inc. has a one year low of $57.01 and a one year high of $75.36. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 1.50 and a beta of 1.35. The company has a 50-day moving average of $70.73 and a 200 day moving average of $68.43.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The company had revenue of $184.67 million for the quarter, compared to analysts’ expectations of $187.48 million. Prosperity Bancshares had a return on equity of 8.02% and a net margin of 38.03%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.18 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post 4.8 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be issued a dividend of $0.46 per share. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.41. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.55%. Prosperity Bancshares’s payout ratio is presently 35.57%.

Several equities research analysts have commented on the company. ValuEngine upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. SunTrust Banks set a $82.00 target price on Prosperity Bancshares and gave the company a “buy” rating in a research note on Friday, October 25th. Piper Jaffray Companies set a $75.50 target price on Prosperity Bancshares and gave the company a “hold” rating in a research note on Friday, October 25th. Morgan Stanley dropped their price objective on Prosperity Bancshares from $67.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Finally, Zacks Investment Research cut Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price objective on the stock. in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $72.90.

In related news, EVP Robert J. Dowdell sold 7,600 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $65.45, for a total transaction of $497,420.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.86% of the stock is currently owned by insiders.

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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Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB).

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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