Prospector Partners LLC Increases Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Prospector Partners LLC grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 24.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 228,992 shares of the bank’s stock after buying an additional 45,177 shares during the period. Prosperity Bancshares comprises approximately 1.7% of Prospector Partners LLC’s holdings, making the stock its 22nd biggest position. Prospector Partners LLC’s holdings in Prosperity Bancshares were worth $16,503,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the business. Amica Mutual Insurance Co. boosted its position in Prosperity Bancshares by 41.9% during the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at about $4,804,000. Harbor Capital Advisors Inc. lifted its stake in Prosperity Bancshares by 394.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after purchasing an additional 9,148 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after purchasing an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PB. Barclays lifted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. Hovde Group boosted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.96.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at $9,269,093.60. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares in the company, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,100 shares of company stock worth $174,264. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Up 0.9 %

Shares of NYSE PB opened at $85.07 on Tuesday. The business’s 50 day moving average is $74.83 and its two-hundred day moving average is $69.08. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The firm has a market cap of $8.10 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 1.26 and a beta of 0.89.

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 the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the business earned $1.20 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.73%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Prosperity Bancshares 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.