Inscription Capital LLC acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 29,466 shares of the bank's stock, valued at approximately $1,938,000.
Several other institutional investors have also bought and sold shares of the stock. Vaughan Nelson Investment Management L.P. boosted its stake in Prosperity Bancshares by 25.1% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock valued at $79,404,000 after buying an additional 223,355 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Prosperity Bancshares by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after acquiring an additional 561 shares during the last quarter. New England Research & Management Inc. bought a new position in shares of Prosperity Bancshares during the 1st quarter valued at about $212,000. Albert D Mason Inc. grew its stake in shares of Prosperity Bancshares by 2.3% in the 1st quarter. Albert D Mason Inc. now owns 19,848 shares of the bank's stock worth $1,417,000 after purchasing an additional 441 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.
Insider Buying and Selling at Prosperity Bancshares
In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 103,815 shares of the company's stock, valued at $7,487,137.80. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 8,400 shares of company stock valued at $582,026 in the last quarter. Company insiders own 4.20% of the company's stock.
Wall Street Analyst Weigh In
PB has been the subject of several recent research reports. Royal Bank Of Canada cut their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Finally, Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $83.80.
View Our Latest Stock Report on Prosperity Bancshares
Prosperity Bancshares Trading Up 0.3%
NYSE PB traded up $0.17 during trading on Friday, reaching $67.87. 1,069,367 shares of the company's stock were exchanged, compared to its average volume of 625,907. Prosperity Bancshares, Inc. has a fifty-two week low of $58.44 and a fifty-two week high of $86.75. The company's fifty day simple moving average is $69.10 and its 200-day simple moving average is $73.20. The firm has a market capitalization of $6.47 billion, a PE ratio of 12.93, a P/E/G ratio of 0.85 and a beta of 0.68.
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 27.69% and a return on equity of 6.81%. 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. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal 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 given a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.42%. Prosperity Bancshares's payout ratio is 44.19%.
Prosperity Bancshares Company Profile
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Free Report)
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.
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