Prospector Partners LLC Acquires 45,177 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Prospector Partners LLC grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 24.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 228,992 shares of the bank’s stock after acquiring an additional 45,177 shares during the quarter. Prosperity Bancshares accounts for 1.7% of Prospector Partners LLC’s portfolio, making the stock its 22nd biggest holding. Prospector Partners LLC owned approximately 0.24% of Prosperity Bancshares worth $16,503,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PB. Amica Mutual Insurance Co. raised its position in Prosperity Bancshares by 41.9% during the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at approximately $4,804,000. Harbor Capital Advisors Inc. raised its holdings in Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after buying an additional 9,148 shares during the period. Thrivent Financial for Lutherans lifted its position in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares during the last quarter. Finally, US Bancorp DE boosted its stake in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on PB shares. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average target price of $78.96.

Insider Buying and Selling

In other Prosperity Bancshares news, 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 transaction of $91,564.00. Following the transaction, the director now directly owns 7,525 shares of the company’s stock, valued at $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now directly owns 113,815 shares of the company’s stock, valued at $9,269,093.60. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,100 shares of company stock valued at $174,264. 4.28% of the stock is owned by company insiders.

Prosperity Bancshares Stock Up 0.9 %

Shares of NYSE:PB opened at $85.07 on Tuesday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The stock has a market cap of $8.10 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 1.26 and a beta of 0.89. The business has a 50-day moving average price of $74.83 and a 200-day moving average price of $69.08.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the firm posted $1.20 EPS. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.73%. Prosperity Bancshares’s payout ratio is currently 47.56%.

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.