Sunbelt Securities Inc. Raises Position in Prosperity Bancshares, Inc. (NYSE:PB)

Sunbelt Securities Inc. raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 31.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 981 shares of the bank’s stock after acquiring an additional 232 shares during the period. Sunbelt Securities Inc.’s holdings in Prosperity Bancshares were worth $71,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quarry LP increased its stake in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC boosted its stake in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares in the second quarter worth about $43,000. Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $46,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after purchasing an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $81.65.

Prosperity Bancshares Stock Down 1.3 %

Shares of Prosperity Bancshares stock opened at $80.02 on Monday. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The company’s 50 day moving average is $78.14 and its 200 day moving average is $71.16.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period last year, the business posted $1.20 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,600 shares of company stock valued at $645,199 in the last quarter. 4.28% of the stock is currently owned by insiders.

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.