OppenheimerFunds Inc. Buys New Stake in Prosperity Bancshares, Inc. (NYSE:PB)
OppenheimerFunds Inc. bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,883 shares of the bank’s stock, valued at approximately $271,000.
Other institutional investors have also added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in Prosperity Bancshares during the first quarter valued at approximately $154,000. Parametrica Management Ltd acquired a new position in Prosperity Bancshares during the first quarter valued at approximately $207,000. Engineers Gate Manager LP acquired a new position in Prosperity Bancshares during the first quarter valued at approximately $244,000. Fox Run Management L.L.C. acquired a new position in Prosperity Bancshares during the first quarter valued at approximately $293,000. Finally, World Asset Management Inc raised its position in Prosperity Bancshares by 1.8% in the first quarter. World Asset Management Inc now owns 4,265 shares of the bank’s stock valued at $297,000 after buying an additional 77 shares in the last quarter. 75.43% of the stock is currently owned by institutional investors.
Shares of Prosperity Bancshares, Inc. (PB) opened at 65.20 on Tuesday. The stock has a market capitalization of $4.53 billion, a PE ratio of 16.53 and a beta of 1.33. The stock has a 50 day moving average of $64.85 and a 200 day moving average of $68.66. Prosperity Bancshares, Inc. has a 52-week low of $49.46 and a 52-week high of $77.87.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 26th. The bank reported $0.99 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.02. The firm had revenue of $183.25 million for the quarter, compared to analysts’ expectations of $185.03 million. Prosperity Bancshares had a net margin of 35.04% and a return on equity of 7.58%. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post $4.05 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Friday, June 16th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date of this dividend was Wednesday, June 14th. Prosperity Bancshares’s payout ratio is presently 34.43%.
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Several equities analysts recently commented on PB shares. ValuEngine raised shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $63.00 to $65.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “hold” rating and set a $73.50 target price on shares of Prosperity Bancshares in a report on Friday, July 14th. BidaskClub raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Finally, Hovde Group reduced their target price on shares of Prosperity Bancshares from $70.00 to $68.00 and set a “market perform” rating on the stock in a report on Monday, June 26th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $71.31.
In other news, Director Robert H. Steelhammer sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $65.10, for a total value of $651,000.00. Following the transaction, the director now directly owns 156,800 shares in the company, valued at $10,207,680. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $64.35, for a total transaction of $257,400.00. Following the completion of the transaction, the director now owns 147,800 shares in the company, valued at $9,510,930. The disclosure for this sale can be found here. Corporate insiders own 4.93% of the company’s stock.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc is a financial holding company, which operates through its bank subsidiary, Prosperity Bank (the Bank). The Bank provides a range of financial products and services to small and medium-sized businesses and consumers. The Company, through the Bank, offers a range of loan and deposit products to its customers.
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