Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by Port Capital LLC

Port Capital LLC lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 539,093 shares of the bank’s stock after acquiring an additional 15,850 shares during the quarter. Prosperity Bancshares comprises about 1.9% of Port Capital LLC’s portfolio, making the stock its 25th biggest holding. Port Capital LLC’s holdings in Prosperity Bancshares were worth $40,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in PB. Smartleaf Asset Management LLC lifted its stake in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after purchasing an additional 409 shares during the period. UMB Bank n.a. raised its position in Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after acquiring an additional 300 shares during the period. Aster Capital Management DIFC Ltd raised its position in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after acquiring an additional 713 shares during the period. Finally, Blue Trust Inc. raised its position in Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after acquiring an additional 128 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 1.3%

Prosperity Bancshares stock opened at $72.41 on Thursday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The firm has a market capitalization of $6.90 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 0.94 and a beta of 0.70. The company has a fifty day simple moving average of $68.79 and a 200-day simple moving average of $75.07.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. During the same quarter in the prior year, the firm earned $1.18 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.20%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is currently 44.19%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday. Hovde Group reduced their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Finally, Stephens upped their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.71.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $70.63, for a total transaction of $35,315.00. Following the completion of the sale, the director now directly owns 104,815 shares in the company, valued at approximately $7,403,083.45. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders sold 5,500 shares of company stock worth $382,420. Insiders own 4.20% of the company’s stock.

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.