Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by Port Capital LLC

Port Capital LLC lifted its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 539,093 shares of the bank's stock after buying an additional 15,850 shares during the period. Prosperity Bancshares makes up 1.9% of Port Capital LLC's holdings, making the stock its 25th biggest position. Port Capital LLC owned 0.57% of Prosperity Bancshares worth $40,621,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Norges Bank purchased a new position in Prosperity Bancshares during the fourth quarter worth about $68,986,000. North Reef Capital Management LP purchased a new stake in shares of Prosperity Bancshares during the 4th quarter valued at approximately $29,211,000. Northern Trust Corp lifted its holdings in 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 acquiring an additional 190,449 shares during the last quarter. ExodusPoint Capital Management LP grew its position in Prosperity Bancshares by 462.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after acquiring an additional 139,585 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Prosperity Bancshares during the fourth quarter worth $8,643,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

PB stock traded down $0.35 during mid-day trading on Tuesday, reaching $72.38. The company had a trading volume of 102,037 shares, compared to its average volume of 623,104. The firm has a fifty day simple moving average of $68.89 and a 200 day simple moving average of $75.07. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The firm had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. During the same quarter last year, the company earned $1.18 earnings per share. The firm's revenue was up 10.7% compared to the same quarter last year. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.21%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 44.19%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $63.62, for a total value of $31,810.00. Following the transaction, the director now directly owns 102,815 shares in the company, valued at $6,541,090.30. This represents a 0.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last quarter, insiders sold 5,500 shares of company stock worth $382,420. Corporate insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on PB. 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. Royal Bank of Canada lowered 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. Stephens lifted their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Raymond James upped their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $83.71.

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.