Prosperity Bancshares, Inc. (PB) Shares Bought by Royal Bank of Canada
Royal Bank of Canada increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 36.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,548 shares of the bank’s stock after purchasing an additional 1,745 shares during the period. Royal Bank of Canada’s holdings in Prosperity Bancshares were worth $421,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Huntington National Bank raised its position in shares of Prosperity Bancshares by 9.2% during the 2nd quarter. Huntington National Bank now owns 1,689 shares of the bank’s stock worth $109,000 after purchasing an additional 143 shares during the last quarter. Pacad Investment Ltd. acquired a new position in shares of Prosperity Bancshares during the 2nd quarter worth about $109,000. PNC Financial Services Group Inc. raised its position in shares of Prosperity Bancshares by 13.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,239 shares of the bank’s stock worth $156,000 after purchasing an additional 269 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Prosperity Bancshares by 17.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,489 shares of the bank’s stock worth $160,000 after purchasing an additional 369 shares during the last quarter. Finally, Riverhead Capital Management LLC raised its position in shares of Prosperity Bancshares by 42.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,428 shares of the bank’s stock worth $220,000 after purchasing an additional 1,028 shares during the last quarter. Hedge funds and other institutional investors own 72.37% of the company’s stock.
In other news, Director Robert H. Steelhammer sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $60.00, for a total value of $300,000.00. Following the completion of the sale, 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 accessible through this link. Corporate insiders own 4.93% of the company’s stock.
Shares of Prosperity Bancshares, Inc. (PB) opened at $64.26 on Wednesday. Prosperity Bancshares, Inc. has a one year low of $55.84 and a one year high of $77.87. The firm has a market cap of $4,471.99, a P/E ratio of 16.29, a PEG ratio of 1.63 and a beta of 1.36.
Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.02. Prosperity Bancshares had a net margin of 34.79% and a return on equity of 7.38%. The business had revenue of $184.96 million during the quarter, compared to analysts’ expectations of $185.59 million. During the same quarter in the prior year, the company posted $0.99 EPS. analysts anticipate that Prosperity Bancshares, Inc. will post 3.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be paid a $0.36 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.44 annualized dividend and a dividend yield of 2.24%. Prosperity Bancshares’s dividend payout ratio is 34.43%.
Several analysts recently issued reports on the stock. UBS AG cut shares of Prosperity Bancshares to an “underperform” rating in a research note on Thursday, August 10th. ValuEngine cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, July 27th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $73.00 price objective on shares of Prosperity Bancshares in a research note on Monday, October 2nd. Finally, Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Prosperity Bancshares in a research note on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $71.05.
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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