Prospector Partners LLC Acquires 34,616 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Prospector Partners LLC boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 15.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 263,608 shares of the bank’s stock after acquiring an additional 34,616 shares during the period. Prosperity Bancshares makes up approximately 2.2% of Prospector Partners LLC’s investment portfolio, making the stock its 10th largest holding. Prospector Partners LLC owned 0.28% of Prosperity Bancshares worth $19,863,000 at the end of the most recent quarter.

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

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total value of $39,215.00. Following the transaction, the director now directly owns 108,815 shares in the company, valued at approximately $8,534,360.45. This represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 5,500 shares of company stock worth $413,945 over the last quarter. Company insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PB. Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Barclays boosted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Raymond James raised their price target 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. Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Finally, Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price for the company in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $83.50.

Prosperity Bancshares Trading Down 2.6 %

PB stock opened at $64.38 on Friday. The business’s 50 day simple moving average is $74.82 and its 200 day simple moving average is $76.02. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The firm has a market capitalization of $6.13 billion, a PE ratio of 12.72, a PEG ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last issued 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%. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders 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 annualized dividend and a 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.