Port Capital LLC Buys 15,850 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Port Capital LLC increased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 539,093 shares of the bank's stock after purchasing an additional 15,850 shares during the quarter. Prosperity Bancshares makes up about 1.9% of Port Capital LLC's investment portfolio, making the stock its 25th largest holding. Port Capital LLC owned about 0.57% of Prosperity Bancshares worth $40,621,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its stake in shares of Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock valued at $28,000 after purchasing an additional 312 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after purchasing an additional 409 shares during the period. UMB Bank n.a. lifted its stake in shares of Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank's stock valued at $45,000 after purchasing an additional 300 shares during the period. Aster Capital Management DIFC Ltd lifted its stake in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after purchasing an additional 713 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after purchasing an additional 128 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of PB stock traded up $0.44 during mid-day trading on Friday, hitting $72.64. The company's stock had a trading volume of 812,978 shares, compared to its average volume of 585,124. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The business has a 50-day moving average price of $68.84 and a 200 day moving average price of $75.06. The stock has a market cap of $6.92 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 0.94 and a beta of 0.70.

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 for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same quarter in the previous year, the business earned $1.18 earnings per share. The company's revenue was up 10.7% on a year-over-year basis. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

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 issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's payout ratio is currently 44.19%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total value of $35,315.00. Following the completion of the sale, the director now owns 104,815 shares of the company's stock, valued at $7,403,083.45. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 5,500 shares of company stock valued at $382,420 over the last 90 days. Company insiders own 4.20% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on PB. Keefe, Bruyette & Woods lowered their target price 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. Royal Bank of Canada lowered their price objective on 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. Raymond James lifted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Barclays lowered their price objective 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. Finally, Stephens lifted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $83.71.

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.