Prosperity Bancshares, Inc. (NYSE:PB) Stake Lifted by Advisors Asset Management Inc.

Advisors Asset Management Inc. raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 61.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 4,842 shares of the bank’s stock after buying an additional 1,849 shares during the quarter. Advisors Asset Management Inc.’s holdings in Prosperity Bancshares were worth $349,000 as of its most recent SEC filing.

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

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $84.17 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The firm’s 50 day simple moving average is $75.54 and its 200-day simple moving average is $69.49. The company has a market cap of $8.02 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 1.27 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the previous year, the business earned $1.20 EPS. On average, analysts expect 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. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Insiders Place Their Bets

In other news, 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 value of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,100 shares of company stock worth $520,264. 4.28% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PB has been the topic of several research analyst reports. Barclays raised their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

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.