Seven Eight Capital LP purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,400 shares of the bank’s stock, valued at approximately $1,182,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Jacobson & Schmitt Advisors LLC boosted its holdings in Prosperity Bancshares by 3.2% during the second quarter. Jacobson & Schmitt Advisors LLC now owns 89,200 shares of the bank’s stock worth $5,730,000 after buying an additional 2,737 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in Prosperity Bancshares by 42.8% during the second quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after buying an additional 1,028 shares in the last quarter. Systematic Financial Management LP purchased a new stake in Prosperity Bancshares during the second quarter worth $1,773,000. JPMorgan Chase & Co. boosted its holdings in Prosperity Bancshares by 196.8% during the second quarter. JPMorgan Chase & Co. now owns 180,721 shares of the bank’s stock worth $11,609,000 after buying an additional 119,835 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Prosperity Bancshares by 1.2% during the second quarter. Swiss National Bank now owns 110,450 shares of the bank’s stock worth $7,095,000 after buying an additional 1,300 shares in the last quarter. 72.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Prosperity Bancshares, Inc. (NYSE PB) opened at 60.00 on Friday. The company’s 50-day moving average is $61.77 and its 200 day moving average is $65.81. The firm has a market capitalization of $4.17 billion, a PE ratio of 15.19 and a beta of 1.34. Prosperity Bancshares, Inc. has a 52-week low of $52.19 and a 52-week high of $77.87.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 26th. The bank reported $0.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.01). The firm had revenue of $180.01 million during the quarter, compared to analysts’ expectations of $187.13 million. Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. During the same quarter last year, the company posted $0.98 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post $3.96 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.36 dividend on an annualized basis and a yield of 2.27%. Prosperity Bancshares’s dividend payout ratio (DPR) is 34.34%.

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A number of brokerages recently issued reports on PB. Zacks Investment Research downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. BidaskClub downgraded shares of Prosperity Bancshares from a “sell” rating to a “strong sell” rating in a report on Sunday, July 16th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $73.50 price objective on shares of Prosperity Bancshares in a report on Friday, July 14th. UBS AG downgraded shares of Prosperity Bancshares to an “underperform” rating in a report on Thursday, August 10th. Finally, Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a report on Thursday, August 10th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $71.23.

In other news, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the transaction, the director now owns 137,800 shares of the company’s stock, valued at approximately $8,268,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $64.35, for a total transaction of $257,400.00. Following the transaction, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,000 shares of company stock worth $864,950. 4.93% of the stock is owned by insiders.

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

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