Prospector Partners LLC Purchases 12,793 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Key Points

• Prospector Partners LLC increased its stake in Prosperity Bancshares, Inc. by 4.9% during the first quarter, now owning 276,401 shares valued at approximately $19.7 million.
• Wall Street analysts have mixed ratings on Prosperity Bancshares, with an average price target of $84.57 and 7 analysts rating it as a hold, while 9 rated it as a buy.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, reflecting a 3.5% yield, with the ex-dividend date set for September 15th.

Prospector Partners LLC grew its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 276,401 shares of the bank's stock after acquiring an additional 12,793 shares during the period. Prosperity Bancshares accounts for about 2.2% of Prospector Partners LLC's investment portfolio, making the stock its 9th biggest position. Prospector Partners LLC owned approximately 0.29% of Prosperity Bancshares worth $19,727,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PB. Quarry LP bought a new position in shares of Prosperity Bancshares in the fourth quarter worth about $88,000. Fifth Third Bancorp raised its stake in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after acquiring an additional 396 shares during the last quarter. Chilton Capital Management LLC bought a new position in shares of Prosperity Bancshares in the first quarter worth about $105,000. New England Research & Management Inc. bought a new stake in shares of Prosperity Bancshares during the first quarter worth approximately $212,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Prosperity Bancshares by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after buying an additional 249 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PB shares. Hovde Group dropped their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Keefe, Bruyette & Woods dropped their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada dropped their price target 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. Finally, Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $84.57.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $67.91, for a total value of $40,746.00. Following the sale, the director directly owned 44,500 shares of the company's stock, valued at approximately $3,021,995. The trade was a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 14,300 shares of company stock valued at $1,002,309. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $67.19 on Friday. The firm has a 50 day moving average price of $69.75 and a 200 day moving average price of $70.94. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The stock has a market cap of $6.38 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the previous year, the firm posted $1.22 EPS. Analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's payout ratio is currently 42.18%.

Prosperity Bancshares Company 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.

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