Boston Partners Has $25.36 Million Stock Position in Prosperity Bancshares, Inc. $PB

Boston Partners raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 10.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 361,075 shares of the bank’s stock after acquiring an additional 32,805 shares during the period. Boston Partners’ holdings in Prosperity Bancshares were worth $25,359,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Parallel Advisors LLC raised its holdings in shares of Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after acquiring an additional 141 shares during the period. Tectonic Advisors LLC raised its stake in shares of Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock valued at $594,000 after purchasing an additional 165 shares during the period. AE Wealth Management LLC raised its stake in shares of Prosperity Bancshares by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock valued at $326,000 after purchasing an additional 172 shares during the period. First Horizon Advisors Inc. boosted its position in shares of Prosperity Bancshares by 19.3% during the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock worth $84,000 after buying an additional 193 shares during the period. Finally, Quarry LP boosted its position in shares of Prosperity Bancshares by 16.7% during the first quarter. Quarry LP now owns 1,366 shares of the bank’s stock worth $97,000 after buying an additional 195 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.1%

Shares of PB opened at $67.18 on Thursday. The company’s fifty day simple moving average is $65.67 and its 200 day simple moving average is $68.34. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $86.75. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 0.97 and a beta of 0.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting analysts’ consensus estimates of $1.45. The company had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.34 EPS. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.60 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio is currently 42.78%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $66.83, for a total transaction of $33,415.00. Following the completion of the transaction, the director directly owned 89,415 shares in the company, valued at approximately $5,975,604.45. The trade was a 0.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 13,200 shares of company stock valued at $876,360 over the last ninety days. Company insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PB shares. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 target price on the stock. Citigroup reiterated a “neutral” rating and issued a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Royal Bank Of Canada cut their price objective on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Raymond James Financial reaffirmed an “outperform” rating and issued a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Finally, Hovde Group cut their price target on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.21.

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.