Lecap Asset Management Ltd. Takes $517,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

Lecap Asset Management Ltd. purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 7,237 shares of the bank's stock, valued at approximately $517,000.

Several other large investors have also made changes to their positions in PB. ORG Wealth Partners LLC acquired a new stake in shares of Prosperity Bancshares in the first quarter worth $389,000. State of Alaska Department of Revenue raised its holdings in Prosperity Bancshares by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 11,157 shares of the bank's stock worth $796,000 after acquiring an additional 295 shares during the period. Inscription Capital LLC acquired a new position in Prosperity Bancshares during the 1st quarter worth $1,938,000. Vaughan Nelson Investment Management L.P. boosted its holdings 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 acquiring an additional 223,355 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Prosperity Bancshares by 8.2% during the first 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 period. Institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on PB. Barclays lowered their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Royal Bank Of Canada cut their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $69.09, for a total value of $34,545.00. Following the completion of the transaction, the director owned 98,915 shares in the company, valued at $6,834,037.35. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 9,000 shares of company stock worth $621,965. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Up 0.2%

Prosperity Bancshares stock traded up $0.16 during midday trading on Monday, hitting $70.28. 973,763 shares of the stock were exchanged, compared to its average volume of 601,193. The stock has a market capitalization of $6.69 billion, a PE ratio of 13.39, a P/E/G ratio of 0.88 and a beta of 0.68. The company has a fifty day simple moving average of $69.66 and a two-hundred day simple moving average of $72.48. Prosperity Bancshares, Inc. has a 52 week low of $58.66 and a 52 week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The company had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. During the same period last year, the firm posted $1.18 earnings per share. The business's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced 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 of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.30%. Prosperity Bancshares's payout ratio is 44.19%.

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.