Commonwealth Equity Services LLC Has $301,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

Commonwealth Equity Services LLC lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 4,928 shares of the bank’s stock after selling 370 shares during the period. Commonwealth Equity Services LLC’s holdings in Prosperity Bancshares were worth $301,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in PB. Vanguard Group Inc. increased its stake in Prosperity Bancshares by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock valued at $656,512,000 after acquiring an additional 53,844 shares during the period. Norges Bank bought a new stake in Prosperity Bancshares during the fourth quarter worth about $64,749,000. Bank of New York Mellon Corp grew its stake in Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after buying an additional 19,224 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Prosperity Bancshares by 11.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock worth $59,923,000 after buying an additional 89,617 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Prosperity Bancshares by 1.8% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank’s stock worth $48,856,000 after buying an additional 14,175 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.35 on Tuesday. The company’s 50 day simple moving average is $71.45 and its 200 day simple moving average is $65.19. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $74.87. The firm has a market capitalization of $6.94 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.50 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. The business had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the prior year, the business posted $1.21 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.10%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Wedbush upped their price objective on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Royal Bank of Canada upped their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Compass Point upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Finally, DA Davidson increased their price target on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average target price of $75.88.

Prosperity Bancshares Company Profile

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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.