Dakota Wealth Management Buys New Position in Prosperity Bancshares, Inc. (NYSE:PB)

Dakota Wealth Management bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,147 shares of the bank’s stock, valued at approximately $237,000.

Several other hedge funds also recently modified their holdings of PB. Quarry LP boosted its position in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. UMB Bank n.a. boosted its position in Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after purchasing an additional 300 shares during the last quarter. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares during the last quarter. First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after purchasing an additional 534 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Prosperity Bancshares by 181.6% in the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock worth $62,000 after purchasing an additional 554 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total value of $37,060.00. Following the completion of the transaction, the director now owns 109,315 shares of the company’s stock, valued at $8,102,427.80. The trade was a 0.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,600 shares of company stock worth $1,196,144 over the last ninety days. 4.28% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $79.13 on Monday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.11 and a beta of 0.93. The business’s fifty day moving average is $78.93 and its 200 day moving average is $74.67.

Prosperity Bancshares Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on PB. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. UBS Group lowered their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. 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. Finally, Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $81.38.

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.