Private Management Group Inc. Boosts Stock Holdings in Prosperity Bancshares, Inc. $PB

Private Management Group Inc. increased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 451,424 shares of the bank’s stock after acquiring an additional 1,656 shares during the period. Private Management Group Inc.’s holdings in Prosperity Bancshares were worth $31,708,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Parallel Advisors LLC boosted its stake in Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the last quarter. AE Wealth Management LLC boosted its position in shares of Prosperity Bancshares by 3.8% during the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock valued at $326,000 after buying an additional 172 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Prosperity Bancshares by 19.3% during the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock valued at $84,000 after buying an additional 193 shares during the last quarter. Quarry LP increased its holdings in Prosperity Bancshares by 16.7% in the 1st quarter. Quarry LP now owns 1,366 shares of the bank’s stock worth $97,000 after buying an additional 195 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after buying an additional 249 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PB shares. Barclays reduced their price target on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Stephens lifted their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Royal Bank Of Canada decreased their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target on the stock. Finally, Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Friday, October 31st. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $80.21.

Prosperity Bancshares Trading Up 3.3%

PB opened at $68.17 on Friday. The firm’s 50 day simple moving average is $65.47 and its two-hundred day simple moving average is $68.23. The company has a market capitalization of $6.48 billion, a PE ratio of 12.15, a PEG ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the previous year, the firm posted $1.34 EPS. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.60 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.78%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $69.82, for a total transaction of $41,892.00. Following the completion of the transaction, the director owned 44,300 shares in the company, valued at $3,093,026. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 14,300 shares of company stock worth $948,416. 4.20% of the stock is owned by corporate insiders.

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.