Sargent Investment Group LLC Sells 400 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Sargent Investment Group LLC trimmed its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 9.2% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 3,960 shares of the bank’s stock after selling 400 shares during the period. Sargent Investment Group LLC’s holdings in Prosperity Bancshares were worth $242,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the period. Quest Partners LLC boosted its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $43,000. Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $46,000. Finally, Parallel Advisors LLC increased its stake in shares of Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $72.97 on Wednesday. The company has a market cap of $6.95 billion, a PE ratio of 16.81, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90. The company has a 50 day moving average of $70.46 and a 200-day moving average of $64.85. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.68.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. The business had revenue of $458.95 million during the quarter, compared to the consensus estimate 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 previous year, the business earned $1.21 earnings per share. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.07%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research reports. Compass Point upped their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. DA Davidson boosted their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Hovde Group boosted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Finally, Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.04.

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.