Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by Stifel Financial Corp

Stifel Financial Corp raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 113,293 shares of the bank’s stock after acquiring an additional 4,677 shares during the quarter. Stifel Financial Corp’s holdings in Prosperity Bancshares were worth $8,165,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PB. Amica Mutual Insurance Co. grew its position in Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Prosperity Bancshares during the 3rd quarter valued at about $4,804,000. Prospector Partners LLC raised its position in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after buying an additional 45,177 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.1 %

NYSE PB opened at $81.04 on Friday. The stock has a market capitalization of $7.72 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The company has a 50 day moving average price of $77.96 and a two-hundred day moving average price of $70.90.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The company 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 quarter last year, the company posted $1.20 earnings per share. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change 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 2.86%. Prosperity Bancshares’s payout ratio is 49.26%.

Wall Street Analyst Weigh In

PB has been the subject of a number of research reports. Wedbush reaffirmed an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Hovde Group raised their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Finally, Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.68.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $82.17, for a total transaction of $41,085.00. Following the completion of the transaction, the director now directly owns 111,315 shares in the company, valued at $9,146,753.55. This represents a 0.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the transaction, the director now directly owns 7,525 shares of the company’s stock, valued at $626,381. This represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,600 shares of company stock worth $645,199. Company insiders own 4.28% of the company’s stock.

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.