Geode Capital Management LLC Acquires 15,309 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Geode Capital Management LLC raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,708,509 shares of the bank’s stock after buying an additional 15,309 shares during the period. Geode Capital Management LLC’s holdings in Prosperity Bancshares were worth $123,162,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PB. Raymond James & Associates lifted its holdings in shares of Prosperity Bancshares by 8.0% in the second quarter. Raymond James & Associates now owns 29,860 shares of the bank’s stock valued at $1,826,000 after purchasing an additional 2,223 shares in the last quarter. Fifth Third Bancorp raised its position in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after buying an additional 332 shares during the last quarter. Retirement Systems of Alabama lifted its stake in Prosperity Bancshares by 0.6% during the 2nd quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank’s stock valued at $7,240,000 after acquiring an additional 719 shares in the last quarter. Ceredex Value Advisors LLC boosted its holdings in Prosperity Bancshares by 2.4% during the 2nd quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank’s stock worth $13,473,000 after acquiring an additional 5,100 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Prosperity Bancshares by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after acquiring an additional 19,224 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on PB. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their target price for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Hovde Group upped their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $81.65.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares in the company, valued at $8,578,459.59. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,600 shares of company stock valued at $965,479 in the last 90 days. 4.28% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Performance

PB stock opened at $78.44 on Wednesday. The stock has a fifty day moving average of $78.33 and a 200-day moving average of $71.29. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.19 and a beta of 0.92.

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

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.96%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 49.26%.

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.