Nordea Investment Management AB Reduces Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Nordea Investment Management AB cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 11.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 113,919 shares of the bank’s stock after selling 14,428 shares during the quarter. Nordea Investment Management AB owned 0.16% of Prosperity Bancshares worth $7,865,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc boosted its position in shares of Prosperity Bancshares by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 6,511,344 shares of the bank’s stock worth $451,561,000 after acquiring an additional 90,531 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Prosperity Bancshares by 5,839.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,642,789 shares of the bank’s stock valued at $26,000 after acquiring an additional 1,615,129 shares during the last quarter. Eaton Vance Management bought a new position in Prosperity Bancshares during the fourth quarter worth $628,000. First Trust Advisors LP lifted its position in shares of Prosperity Bancshares by 17.1% during the fourth quarter. First Trust Advisors LP now owns 111,946 shares of the bank’s stock valued at $6,974,000 after purchasing an additional 16,355 shares in the last quarter. Finally, Toronto Dominion Bank purchased a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $75,000. 82.48% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have commented on the stock. Zacks Investment Research raised shares of IMI PLC/S from a “sell” rating to a “hold” rating in a research note on Wednesday, April 3rd. Stephens set a $74.00 price objective on shares of Prosperity Bancshares and gave the stock a “hold” rating in a research note on Monday, June 17th. Sanford C. Bernstein downgraded SVB Financial Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 28th. Raymond James set a C$80.00 target price on West Fraser Timber and gave the stock a “strong-buy” rating in a research report on Tuesday, June 18th. Finally, FIG Partners reiterated an “outperform” rating on shares of Two Rivers Bancorp in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $73.95.

Prosperity Bancshares stock traded up $1.08 during trading hours on Friday, reaching $68.00. The stock had a trading volume of 367,048 shares, compared to its average volume of 873,828. The company has a market capitalization of $4.75 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.67 and a beta of 1.35. The stock has a 50 day moving average of $66.50. Prosperity Bancshares, Inc. has a 52 week low of $57.01 and a 52 week high of $76.25.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.01. Prosperity Bancshares had a net margin of 38.42% and a return on equity of 8.20%. The business had revenue of $183.06 million during the quarter, compared to the consensus estimate of $185.27 million. During the same period in the previous year, the company posted $1.07 earnings per share. Research analysts predict that Prosperity Bancshares, Inc. will post 4.78 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were paid a dividend of $0.41 per share. The ex-dividend date was Thursday, June 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.41%. Prosperity Bancshares’s payout ratio is 35.57%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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.

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

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