Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by Prospector Partners LLC

Prospector Partners LLC boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 15.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 263,608 shares of the bank’s stock after purchasing an additional 34,616 shares during the period. Prosperity Bancshares accounts for approximately 2.2% of Prospector Partners LLC’s portfolio, making the stock its 10th largest holding. Prospector Partners LLC’s holdings in Prosperity Bancshares were worth $19,863,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PB. Smartleaf Asset Management LLC raised its holdings in shares of Prosperity Bancshares by 487.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after buying an additional 312 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after acquiring an additional 409 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after acquiring an additional 300 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd increased its position in Prosperity Bancshares by 349.5% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after purchasing an additional 713 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PB has been the topic of a number of research reports. Raymond James boosted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a report on Tuesday, January 7th. Stephens lifted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th. Finally, Barclays upped their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average target price of $83.50.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total value of $37,060.00. Following the completion of the sale, the director now owns 109,315 shares of the company’s stock, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 5,500 shares of company stock worth $413,945 in the last three months. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $64.38 on Friday. The firm has a market cap of $6.13 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.94 and a beta of 0.82. The stock’s 50-day moving average is $74.82 and its 200 day moving average is $76.02. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.60%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

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.