Charles Schwab Investment Management Inc. Grows Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Charles Schwab Investment Management Inc. raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,183,295 shares of the bank’s stock after purchasing an additional 6,518 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Prosperity Bancshares were worth $85,280,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. First Horizon Advisors Inc. raised its stake in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares during the period. Advisors Asset Management Inc. grew its holdings in Prosperity Bancshares by 61.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after purchasing an additional 1,849 shares during the last quarter. LMR Partners LLP purchased a new stake in Prosperity Bancshares in the 3rd quarter worth about $574,000. Swiss National Bank raised its position in Prosperity Bancshares by 1.8% in the 3rd quarter. Swiss National Bank now owns 187,367 shares of the bank’s stock worth $13,504,000 after purchasing an additional 3,300 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in Prosperity Bancshares by 0.9% in 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 last quarter. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Prosperity Bancshares news, 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,100 shares of company stock worth $520,264 in the last 90 days. 4.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PB. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. 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. 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, Hovde Group lifted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Trading Down 0.7 %

Shares of NYSE PB opened at $84.15 on Thursday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The stock’s fifty day simple moving average is $75.31 and its two-hundred day simple moving average is $69.39. The stock has a market capitalization of $8.02 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 1.27 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 6.46% and a net margin of 25.39%. During the same quarter last year, the company earned $1.20 earnings per share. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.76%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is presently 49.26%.

Prosperity Bancshares Company 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.