First Republic Investment Management Inc. Cuts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

First Republic Investment Management Inc. lessened its stake in Prosperity Bancshares, Inc. (NYSE:PBGet Rating) by 6.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,386 shares of the bank’s stock after selling 805 shares during the quarter. First Republic Investment Management Inc.’s holdings in Prosperity Bancshares were worth $823,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new stake in Prosperity Bancshares during the first quarter worth approximately $35,000. Dupont Capital Management Corp purchased a new stake in Prosperity Bancshares during the 4th quarter worth $49,000. Fifth Third Bancorp increased its holdings in Prosperity Bancshares by 54.2% in the 4th quarter. Fifth Third Bancorp now owns 765 shares of the bank’s stock valued at $55,000 after purchasing an additional 269 shares in the last quarter. Foundations Investment Advisors LLC acquired a new stake in Prosperity Bancshares in the 4th quarter valued at $211,000. Finally, Steward Financial Group LLC purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $207,000. 80.30% of the stock is owned by institutional investors.

A number of equities research analysts have recently issued reports on the company. StockNews.com initiated coverage on Prosperity Bancshares in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Wolfe Research cut shares of Prosperity Bancshares from a “peer perform” rating to an “underperform” rating and reduced their target price for the stock from $78.00 to $69.00 in a research report on Thursday, April 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $78.75.

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. bought 2,000 shares of the company’s stock in a transaction on Thursday, May 12th. The shares were bought at an average cost of $67.00 per share, with a total value of $134,000.00. Following the completion of the acquisition, the chairman now owns 2,000 shares of the company’s stock, valued at $134,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.22% of the company’s stock.

PB stock opened at $67.77 on Friday. The firm has a 50 day simple moving average of $68.83 and a 200-day simple moving average of $72.52. The company has a market capitalization of $6.25 billion, a P/E ratio of 12.35, a PEG ratio of 1.21 and a beta of 1.08. Prosperity Bancshares, Inc. has a twelve month low of $64.40 and a twelve month high of $80.46.

Prosperity Bancshares (NYSE:PBGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The bank reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. Prosperity Bancshares had a net margin of 43.64% and a return on equity of 7.95%. During the same quarter last year, the company posted $1.44 earnings per share. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.62 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Wednesday, June 15th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.07%. The ex-dividend date is Tuesday, June 14th. Prosperity Bancshares’s dividend payout ratio is currently 37.75%.

Prosperity Bancshares Company Profile (Get Rating)

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

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