Jane Street Group LLC Boosts Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Jane Street Group LLC lifted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 418.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 111,548 shares of the bank’s stock after buying an additional 90,015 shares during the period. Jane Street Group LLC owned approximately 0.12% of Prosperity Bancshares worth $8,039,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Amica Mutual Insurance Co. increased its holdings 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 buying an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $4,804,000. Prospector Partners LLC increased its stake in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after purchasing an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Prosperity Bancshares by 16.0% in 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 period. Finally, US Bancorp DE lifted its stake in 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 during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $80.02 on Friday. The firm has a fifty day moving average price of $78.14 and a two-hundred day moving average price of $71.02. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 16.99, a PEG ratio of 1.22 and a beta of 0.92. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75.

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. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter last year, the company earned $1.20 earnings per share. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 49.26%.

Wall Street Analyst Weigh In

PB has been the topic of several research reports. Wedbush restated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays boosted their price objective on Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Hovde Group increased their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $81.65.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction 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 directly owns 229,953 shares of the company’s stock, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,600 shares of company stock valued at $645,199. Insiders own 4.28% of the company’s stock.

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.