Quadrant Capital Group LLC Purchases 355 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Quadrant Capital Group LLC grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 28.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,603 shares of the bank’s stock after purchasing an additional 355 shares during the quarter. Quadrant Capital Group LLC’s holdings in Prosperity Bancshares were worth $121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PB. FMR LLC raised its position in shares of Prosperity Bancshares by 69.9% in the third quarter. FMR LLC now owns 7,736 shares of the bank’s stock valued at $558,000 after purchasing an additional 3,182 shares during the period. Captrust Financial Advisors raised its holdings in Prosperity Bancshares by 6.2% during the 3rd quarter. Captrust Financial Advisors now owns 5,848 shares of the bank’s stock valued at $421,000 after acquiring an additional 341 shares during the period. HighTower Advisors LLC lifted its position in shares of Prosperity Bancshares by 5.0% during the third quarter. HighTower Advisors LLC now owns 21,660 shares of the bank’s stock worth $1,562,000 after acquiring an additional 1,039 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Prosperity Bancshares by 14.5% in the third quarter. Janus Henderson Group PLC now owns 45,383 shares of the bank’s stock worth $3,271,000 after acquiring an additional 5,750 shares during the period. Finally, Quantinno Capital Management LP grew its position in shares of Prosperity Bancshares by 68.5% in the third quarter. Quantinno Capital Management LP now owns 10,959 shares of the bank’s stock valued at $790,000 after purchasing an additional 4,457 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $79.01, for a total transaction of $39,505.00. Following the completion of the transaction, the director now directly owns 108,315 shares of the company’s stock, valued at approximately $8,557,968.15. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 5,000 shares of company stock valued at $376,885. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Stephens raised their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Raymond James boosted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. Morgan Stanley reduced their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $83.35.

Prosperity Bancshares Stock Performance

Shares of PB opened at $67.29 on Thursday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The firm has a 50 day moving average price of $73.33 and a 200-day moving average price of $75.72. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) 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%. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were paid a $0.58 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.45%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 45.85%.

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.