Liberty Mutual Group Asset Management Inc. Decreases Holdings in Prosperity Bancshares (PB)

Liberty Mutual Group Asset Management Inc. trimmed its holdings in shares of Prosperity Bancshares (NYSE:PB) by 22.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,686 shares of the bank’s stock after selling 3,954 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in Prosperity Bancshares were worth $994,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Palisade Capital Management LLC NJ lifted its stake in Prosperity Bancshares by 12.0% during the 1st quarter. Palisade Capital Management LLC NJ now owns 264,072 shares of the bank’s stock valued at $19,180,000 after acquiring an additional 28,310 shares during the period. BlackRock Inc. lifted its stake in Prosperity Bancshares by 3.0% during the 1st quarter. BlackRock Inc. now owns 5,818,647 shares of the bank’s stock valued at $422,610,000 after acquiring an additional 170,967 shares during the period. Northern Trust Corp lifted its stake in Prosperity Bancshares by 0.5% during the 1st quarter. Northern Trust Corp now owns 825,338 shares of the bank’s stock valued at $59,944,000 after acquiring an additional 3,787 shares during the period. Findlay Park Partners LLP lifted its stake in Prosperity Bancshares by 73.6% during the 1st quarter. Findlay Park Partners LLP now owns 1,909,685 shares of the bank’s stock valued at $138,700,000 after acquiring an additional 809,685 shares during the period. Finally, Jacobson & Schmitt Advisors LLC lifted its stake in Prosperity Bancshares by 2.0% during the 1st quarter. Jacobson & Schmitt Advisors LLC now owns 83,291 shares of the bank’s stock valued at $6,049,000 after acquiring an additional 1,631 shares during the period. Institutional investors and hedge funds own 77.62% of the company’s stock.

Prosperity Bancshares opened at $74.90 on Thursday, according to Marketbeat.com. Prosperity Bancshares has a 1 year low of $55.84 and a 1 year high of $79.20. The firm has a market capitalization of $5.30 billion, a P/E ratio of 19.01, a PEG ratio of 1.64 and a beta of 1.34.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 25th. The bank reported $1.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.14 by ($0.07). The company had revenue of $181.16 million for the quarter, compared to analyst estimates of $180.97 million. Prosperity Bancshares had a return on equity of 7.34% and a net margin of 34.87%. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.99 earnings per share. research analysts anticipate that Prosperity Bancshares will post 4.63 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 15th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Thursday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 36.55%.

PB has been the subject of several analyst reports. FIG Partners reiterated a “market-perform” rating on shares of Prosperity Bancshares in a research note on Monday, April 16th. ValuEngine upgraded shares of Prosperity Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. DA Davidson decreased their target price on shares of Prosperity Bancshares from $80.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, April 26th. Zacks Investment Research cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, March 27th. Finally, Barclays decreased their target price on shares of Prosperity Bancshares from $79.00 to $78.00 and set an “overweight” rating for the company in a research note on Thursday, April 26th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Prosperity Bancshares has a consensus rating of “Hold” and an average target price of $74.91.

In other Prosperity Bancshares news, insider Randy Hester sold 5,000 shares of the company’s stock in a transaction on Friday, April 27th. The shares were sold at an average price of $73.13, for a total transaction of $365,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned S. Holmes sold 50,000 shares of the company’s stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $74.46, for a total transaction of $3,723,000.00. The disclosure for this sale can be found here. Corporate insiders own 5.05% of the company’s stock.

About Prosperity Bancshares

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.

Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares (NYSE:PB).

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

Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply