Wedge Capital Management L L P NC lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 13.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 349,609 shares of the bank’s stock after selling 56,147 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Prosperity Bancshares were worth $25,133,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. Marshall Wace North America L.P. acquired a new stake in shares of Prosperity Bancshares in the first quarter worth approximately $35,000. Bank of Montreal Can raised its stake in Prosperity Bancshares by 9.3% in the 2nd quarter. Bank of Montreal Can now owns 14,905 shares of the bank’s stock valued at $985,000 after purchasing an additional 1,266 shares during the last quarter. Renaissance Technologies LLC raised its stake in Prosperity Bancshares by 514.5% in the 2nd quarter. Renaissance Technologies LLC now owns 75,588 shares of the bank’s stock valued at $4,993,000 after purchasing an additional 63,288 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Prosperity Bancshares by 119.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 11,207 shares of the bank’s stock valued at $740,000 after purchasing an additional 6,107 shares during the last quarter. Finally, Pinebridge Investments L.P. purchased a new position in Prosperity Bancshares in the 2nd quarter valued at $277,000. Institutional investors and hedge funds own 86.45% of the company’s stock.
NYSE:PB opened at $69.59 on Thursday. Prosperity Bancshares, Inc. has a one year low of $61.85 and a one year high of $75.36. The stock has a market cap of $4.82 billion, a PE ratio of 15.10, a P/E/G ratio of 1.37 and a beta of 1.36. The stock has a 50 day moving average price of $71.04 and a 200 day moving average price of $69.11.
The business also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th were paid a $0.46 dividend. The ex-dividend date was Friday, December 13th. This is an increase 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 2.64%. Prosperity Bancshares’s dividend payout ratio (DPR) is 39.91%.
Several equities research analysts have issued reports on the stock. Piper Jaffray Companies set a $75.50 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Friday, October 25th. Hovde Group cut shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a research report on Wednesday, December 11th. ValuEngine downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, December 20th. SunTrust Banks set a $82.00 price target on shares of Prosperity Bancshares and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating and set a $73.00 price objective for the company. in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $73.17.
In related news, COO Kevin J. Hanigan purchased 3,000 shares of Prosperity Bancshares stock in a transaction dated Monday, December 2nd. The shares were acquired at an average price of $69.24 per share, for a total transaction of $207,720.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.86% of the stock is owned by company insiders.
About Prosperity Bancshares
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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