Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8,212.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,157 shares of the bank's stock after acquiring an additional 69,313 shares during the quarter. GAMMA Investing LLC owned 0.07% of Prosperity Bancshares worth $5,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. Smartleaf Asset Management LLC boosted its holdings in Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after acquiring an additional 312 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock worth $39,000 after purchasing an additional 409 shares in the last quarter. Aster Capital Management DIFC Ltd lifted its stake in shares of Prosperity Bancshares by 349.5% in 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 in the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after acquiring an additional 195 shares in the last quarter. Finally, Quarry LP purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $88,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PB. Royal Bank of Canada dropped their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Keefe, Bruyette & Woods cut their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Hovde Group cut their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Finally, Barclays cut their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded down $2.11 during trading on Friday, reaching $67.57. The stock had a trading volume of 621,459 shares, compared to its average volume of 593,116. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The stock has a market cap of $6.44 billion, a PE ratio of 13.35, a P/E/G ratio of 0.94 and a beta of 0.68. The firm's 50 day moving average price is $68.94 and its two-hundred day moving average price is $73.58.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm's revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.18 EPS. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.43%. Prosperity Bancshares's payout ratio is currently 44.19%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $72.12, for a total transaction of $36,060.00. Following the completion of the transaction, the director now directly owns 103,815 shares in the company, valued at $7,487,137.80. This represents a 0.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 7,800 shares of company stock worth $542,975 in the last three months. 4.20% of the stock is owned by insiders.

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.