Dynamic Technology Lab Private Ltd Boosts Stock Position in Prosperity Bancshares, Inc. $PB

Dynamic Technology Lab Private Ltd raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 296.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,612 shares of the bank’s stock after buying an additional 19,146 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Prosperity Bancshares were worth $1,799,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock worth $4,156,000 after acquiring an additional 1,016 shares in the last quarter. Y Intercept Hong Kong Ltd raised its holdings in Prosperity Bancshares by 100.7% during the first quarter. Y Intercept Hong Kong Ltd now owns 26,514 shares of the bank’s stock worth $1,892,000 after purchasing an additional 13,306 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Prosperity Bancshares during the 1st quarter worth approximately $2,126,000. Oak Thistle LLC lifted its position in shares of Prosperity Bancshares by 26.8% during the 1st quarter. Oak Thistle LLC now owns 12,394 shares of the bank’s stock worth $885,000 after buying an additional 2,620 shares during the last quarter. Finally, AE Wealth Management LLC acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at $319,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $65.57, for a total value of $32,785.00. Following the transaction, the director directly owned 88,415 shares in the company, valued at $5,797,371.55. This trade represents a 0.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 14,300 shares of company stock worth $948,416 in the last three months. 4.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on PB. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. TD Cowen upped their price objective on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Barclays dropped their price objective on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. Royal Bank Of Canada reduced their target price on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $66.28 on Thursday. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $86.75. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.97 and a beta of 0.75. The company has a 50-day simple moving average of $65.49 and a 200-day simple moving average of $68.25.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the company posted $1.34 earnings per share. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS 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. Stockholders of record on Monday, December 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, December 15th. This is an increase 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 3.6%. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

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.