New England Research Management Lowers stake in Prosperity Bancshares (PB)

Prosperity Bancshares (PB) : New England Research Management reduced its stake in Prosperity Bancshares by 4.14% during the most recent quarter end. The investment management company now holds a total of 21,975 shares of Prosperity Bancshares which is valued at $1,215,437 after selling 950 shares in Prosperity Bancshares , the firm said in a disclosure report filed with the SEC on Oct 5, 2016.Prosperity Bancshares makes up approximately 1.02% of New England Research Management’s portfolio.

Other Hedge Funds, Including , Bnp Paribas Arbitrage Sa reduced its stake in PB by selling 17,490 shares or 56.15% in the most recent quarter. The Hedge Fund company now holds 13,661 shares of PB which is valued at $755,590.

Prosperity Bancshares opened for trading at $54.35 and hit $55.2 on the upside on Tuesday, eventually ending the session at $54.32, with a gain of 0.50% or 0.27 points. The heightened volatility saw the trading volume jump to 3,35,514 shares. Company has a market cap of $3,774 M.

On the company’s financial health, Prosperity Bancshares reported $0.98 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.97.Analysts expectations of $ 191.88.During the same quarter in the previous year, the company posted $1.03 EPS.

Prosperity Bancshares Inc. is a financial holding company. The Company 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’s additional products and services include trust services brokerage mortgage lending credit card and independent sales organization (ISO) sponsorship operations. Its traditional deposit products include certificates of deposit interest checking accounts savings accounts and overdraft protection. The Bank operates 245 full service banking locations including 62 in the Houston area 30 in the South Texas area 36 in the Dallas/Fort Worth area 22 in the East Texas area 30 in the Central Texas area 34 in the West Texas area 16 in the Bryan/College Station area six in the Central Oklahoma area and nine in the Tulsa Oklahoma area.

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