MetLife Investment Management LLC Has $3.54 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

MetLife Investment Management LLC trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,137 shares of the bank’s stock after selling 1,269 shares during the period. MetLife Investment Management LLC owned about 0.05% of Prosperity Bancshares worth $3,541,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the last quarter. Quarry LP increased its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC increased its stake in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at $46,000. Finally, First Horizon Advisors Inc. increased its stake in Prosperity Bancshares by 190.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after buying an additional 534 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research note on Tuesday, September 17th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Hovde Group boosted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Finally, Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.95.

Prosperity Bancshares Stock Down 0.4 %

NYSE PB opened at $83.34 on Wednesday. The company has a market capitalization of $7.94 billion, a P/E ratio of 17.69, a P/E/G ratio of 1.25 and a beta of 0.92. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a 50-day moving average price of $76.42 and a two-hundred day moving average price of $70.09.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the firm posted $1.20 EPS. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.78%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insider Transactions at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the sale, the director now directly owns 7,525 shares of the company’s stock, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,600 shares of company stock valued at $562,594. Company insiders own 4.28% of the company’s stock.

About Prosperity Bancshares

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.