Kwmg LLC Has $6.60 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

Kwmg LLC trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% in the fourth quarter, HoldingsChannel reports. The firm owned 87,631 shares of the bank’s stock after selling 2,764 shares during the period. Kwmg LLC’s holdings in Prosperity Bancshares were worth $6,603,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PB. Quarry LP increased its position 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 in the last quarter. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth $46,000. Finally, First Horizon Advisors Inc. grew its position 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 purchasing an additional 534 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Performance

NYSE PB traded up $1.85 during trading on Monday, hitting $75.25. 459,486 shares of the company’s stock traded hands, compared to its average volume of 427,775. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The business has a 50 day moving average of $79.25 and a 200-day moving average of $73.42.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share 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 analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the previous year, the business earned $1.20 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were given a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Analysts Set New Price Targets

A number of research firms have weighed in on PB. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. UBS Group lowered their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, Barclays increased their price target on 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $81.38.

Insider Activity at Prosperity Bancshares

In other 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 transaction of $37,060.00. Following the completion of the sale, the director now directly owns 109,315 shares of the company’s stock, valued at approximately $8,102,427.80. The trade was a 0.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,600 shares of company stock valued at $1,117,424. Corporate 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.