Dynamic Technology Lab Private Ltd Acquires New Position in Prosperity Bancshares, Inc. (NYSE:PB)

Dynamic Technology Lab Private Ltd purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, Holdings Channel.com reports. The fund purchased 14,913 shares of the bank’s stock, valued at approximately $1,075,000.

Other large investors also recently made changes to their positions in the company. Cerity Partners LLC increased its position in Prosperity Bancshares by 22.6% during the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock worth $453,000 after purchasing an additional 1,157 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after buying an additional 6,518 shares during the period. First Horizon Advisors Inc. increased its holdings in shares of Prosperity Bancshares by 190.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after buying an additional 534 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in Prosperity Bancshares by 61.8% in the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after acquiring an additional 1,849 shares during the last quarter. Finally, LMR Partners LLP purchased a new stake in Prosperity Bancshares during the third quarter valued at about $574,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.4 %

Shares of NYSE PB opened at $84.73 on Wednesday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The business has a 50 day moving average price of $75.07 and a two-hundred day moving average price of $69.24. The firm has a market cap of $8.07 billion, a PE ratio of 17.94, a price-to-earnings-growth ratio of 1.26 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued 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. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.74%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Analyst Ratings Changes

A number of research firms have recently commented on PB. Hovde Group raised their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.96.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the company’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 transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,100 shares of company stock worth $520,264. 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.