GAMMA Investing LLC Purchases 69,313 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8,212.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,157 shares of the bank's stock after buying an additional 69,313 shares during the period. 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 also recently made changes to their positions in PB. Versant Capital Management Inc raised its position in shares of Prosperity Bancshares by 9.2% during the 1st quarter. Versant Capital Management Inc now owns 11,354 shares of the bank's stock worth $810,000 after buying an additional 956 shares in the last quarter. First Hawaiian Bank boosted its holdings in shares of Prosperity Bancshares by 10.6% in the first quarter. First Hawaiian Bank now owns 5,102 shares of the bank's stock valued at $364,000 after acquiring an additional 490 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Prosperity Bancshares by 9.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,801 shares of the bank's stock valued at $512,000 after acquiring an additional 608 shares during the period. Forum Financial Management LP bought a new stake in Prosperity Bancshares during the fourth quarter worth approximately $242,000. Finally, GTS Securities LLC acquired a new stake in Prosperity Bancshares in the fourth quarter worth approximately $303,000. Institutional investors own 80.69% of the company's stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $70.31, for a total transaction of $35,155.00. Following the transaction, the director now owns 99,915 shares in the company, valued at $7,025,023.65. This represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 7,800 shares of company stock worth $542,975 in the last ninety days. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded down $0.30 during mid-day trading on Thursday, hitting $69.67. The company's stock had a trading volume of 88,632 shares, compared to its average volume of 590,662. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The company has a market cap of $6.64 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. The firm's 50 day moving average is $68.75 and its 200 day moving average is $73.88.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly 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. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The firm's revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 earnings per share. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 44.19%.

Analyst Ratings Changes

PB has been the subject of several research reports. Barclays decreased their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods cut their price objective on 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 Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada decreased their target price 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. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.80.

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.