Private Management Group Inc. Sells 1,855 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Private Management Group Inc. cut its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 165,824 shares of the bank’s stock after selling 1,855 shares during the quarter. Private Management Group Inc. owned 0.24% of Prosperity Bancshares worth $10,653,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Sigma Planning Corp raised its position in shares of Prosperity Bancshares by 0.5% in the 2nd quarter. Sigma Planning Corp now owns 5,251 shares of the bank’s stock valued at $337,000 after buying an additional 26 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Prosperity Bancshares by 0.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 7,026 shares of the bank’s stock valued at $489,000 after purchasing an additional 40 shares during the last quarter. World Asset Management Inc grew its holdings in shares of Prosperity Bancshares by 1.8% during the 1st quarter. World Asset Management Inc now owns 4,265 shares of the bank’s stock valued at $297,000 after purchasing an additional 77 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Prosperity Bancshares by 0.5% during the 2nd quarter. Bank of Montreal Can now owns 20,975 shares of the bank’s stock valued at $1,348,000 after purchasing an additional 98 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in shares of Prosperity Bancshares by 2.2% during the 2nd quarter. Teacher Retirement System of Texas now owns 5,289 shares of the bank’s stock valued at $340,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 72.90% of the company’s stock.

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PB has been the topic of a number of research reports. 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 boosted their target price for the stock from $63.00 to $65.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a “hold” rating and set a $73.00 target price on shares of Prosperity Bancshares in a report on Thursday, July 27th. Stephens set a $73.00 target price on shares of Prosperity Bancshares and gave the stock a “hold” rating in a report on Wednesday, July 26th. Finally, BidaskClub raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $71.23.

Shares of Prosperity Bancshares, Inc. (NYSE:PB) opened at 60.00 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $52.44 and a 1-year high of $77.87. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of 15.19 and a beta of 1.34. The stock has a 50 day moving average of $61.67 and a 200-day moving average of $65.70.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data 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). Prosperity Bancshares had a net margin of 35.20% and a return on equity of 7.49%. The company had revenue of $180.01 million for the quarter, compared to the consensus estimate of $187.13 million. During the same quarter last year, the firm posted $0.98 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post $3.96 earnings per share for the current year.

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

In other news, Director Robert H. Steelhammer sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $64.35, for a total transaction of $257,400.00. Following the sale, the director now directly owns 147,800 shares of the company’s stock, valued at approximately $9,510,930. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert H. Steelhammer sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $60.00, for a total value of $300,000.00. Following the sale, the director now directly owns 137,800 shares in the company, valued at $8,268,000. The disclosure for this sale can be found here. Insiders sold a total of 14,000 shares of company stock valued at $864,950 over the last 90 days. 4.93% of the stock is currently owned by corporate insiders.

Prosperity Bancshares 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.

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

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