Raymond James Financial Inc. bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 114,707 shares of the bank's stock, valued at approximately $8,643,000. Raymond James Financial Inc. owned 0.12% of Prosperity Bancshares as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in shares of Prosperity Bancshares by 487.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after acquiring an additional 312 shares during the last quarter. Jones Financial Companies Lllp grew its position in Prosperity Bancshares by 368.5% during 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 last quarter. UMB Bank n.a. increased its stake in Prosperity Bancshares by 102.7% during 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 in the last quarter. GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock worth $64,000 after buying an additional 143 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd raised its holdings in Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after buying an additional 713 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.
Prosperity Bancshares Trading Down 0.9 %
NYSE PB traded down $0.60 on Friday, hitting $67.06. 656,434 shares of the company traded hands, compared to its average volume of 573,208. The business's 50 day moving average price is $70.21 and its 200-day moving average price is $75.29. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76.
Prosperity Bancshares (NYSE:PB - Get Free Report) last released its 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. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. As a group, sell-side 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 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. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.
Analyst Ratings Changes
PB has been the subject of a number of recent analyst reports. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday. Morgan Stanley lowered their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada reduced 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. Raymond James boosted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Finally, Barclays dropped their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Hold" and an average target price of $83.23.
Check Out Our Latest Report on Prosperity Bancshares
Insider Buying and Selling
In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction 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 sale, the director now directly owns 102,815 shares in the company, valued at approximately $6,541,090.30. The trade was a 0.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 5,500 shares of company stock valued at $396,700. Company insiders own 4.20% of the company's stock.
About Prosperity Bancshares
(
Free Report)
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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