HB Wealth Management LLC Makes New $216,000 Investment in Prosperity Bancshares, Inc. (NYSE:PB)

HB Wealth Management LLC acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,867 shares of the bank’s stock, valued at approximately $216,000.

Several other institutional investors and hedge funds have also modified their holdings of PB. Geode Capital Management LLC grew its holdings in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after buying an additional 15,309 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after acquiring an additional 6,518 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Prosperity Bancshares by 4.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after purchasing an additional 36,480 shares during the period. Verition Fund Management LLC increased its position in Prosperity Bancshares by 0.5% during the third quarter. Verition Fund Management LLC now owns 834,701 shares of the bank’s stock worth $60,157,000 after purchasing an additional 3,978 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Prosperity Bancshares by 0.9% during the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after purchasing an additional 6,972 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $79.13 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.75. The company’s fifty day moving average price is $78.93 and its two-hundred day moving average price is $74.48. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.11 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $299.83 million. During the same period last year, the business posted $1.20 earnings per share. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 2.93%. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

Analyst Ratings Changes

A number of research firms have recently commented on PB. UBS Group dropped their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.38.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total value of $37,060.00. Following the sale, the director now directly owns 109,315 shares in the company, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the transaction, the director now owns 107,137 shares of the company’s stock, valued at $8,578,459.59. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 14,600 shares of company stock valued at $1,196,144 over the last quarter. Insiders own 4.28% of the company’s stock.

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.