Lecap Asset Management Ltd. Acquires New Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Lecap Asset Management Ltd. bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,237 shares of the bank's stock, valued at approximately $517,000.

A number of other large investors have also recently bought and sold shares of PB. Norges Bank acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $68,986,000. North Reef Capital Management LP acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $29,211,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Prosperity Bancshares by 25.1% in 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 purchasing an additional 223,355 shares during the period. Northern Trust Corp increased its stake in shares of Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after purchasing an additional 190,449 shares during the period. Finally, ExodusPoint Capital Management LP increased its stake in shares of Prosperity Bancshares by 462.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after purchasing an additional 139,585 shares during the period. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 0.9%

Prosperity Bancshares stock traded down $0.63 during mid-day trading on Friday, hitting $70.15. The company's stock had a trading volume of 1,203,196 shares, compared to its average volume of 600,380. The stock has a market capitalization of $6.68 billion, a P/E ratio of 13.36, a P/E/G ratio of 0.86 and a beta of 0.68. Prosperity Bancshares, Inc. has a twelve month low of $58.66 and a twelve month high of $86.76. The stock's fifty day moving average price is $69.47 and its two-hundred day moving average price is $72.75.

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 the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million for 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 quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.18 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company 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 $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is 44.19%.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total transaction of $31,810.00. Following the transaction, the director now directly owns 102,815 shares in the company, valued at $6,541,090.30. The trade was a 0.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders sold 9,000 shares of company stock valued at $621,965. Company insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada lowered their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lowered their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Finally, Barclays lowered their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note 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 MarketBeat.com, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $83.80.

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.