6,791 Shares in Prosperity Bancshares, Inc. $PB Acquired by Brighton Jones LLC

Brighton Jones LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, Holdings Channel reports. The fund bought 6,791 shares of the bank’s stock, valued at approximately $477,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PB. T. Rowe Price Investment Management Inc. increased its holdings in Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after acquiring an additional 412,283 shares in the last quarter. Nuveen LLC purchased a new stake in Prosperity Bancshares in the 1st quarter worth approximately $25,491,000. AQR Capital Management LLC increased its holdings in Prosperity Bancshares by 56.2% in the 1st quarter. AQR Capital Management LLC now owns 866,223 shares of the bank’s stock worth $61,008,000 after acquiring an additional 311,698 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Prosperity Bancshares by 325.1% in the 1st quarter. MetLife Investment Management LLC now owns 227,891 shares of the bank’s stock worth $16,265,000 after acquiring an additional 174,287 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Prosperity Bancshares in the 1st quarter worth approximately $11,433,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PB shares. Hovde Group cut their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Thursday, July 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Royal Bank Of Canada cut their price objective on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. TD Cowen started coverage on shares of Prosperity Bancshares in a report on Thursday, September 25th. They set a “buy” rating and a $79.00 price objective for the company. Finally, Citigroup reaffirmed a “neutral” rating and set a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average price target of $81.71.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $63.44, for a total value of $31,720.00. Following the completion of the sale, the director directly owned 90,415 shares in the company, valued at $5,735,927.60. This trade represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 13,200 shares of company stock valued at $878,770 in the last ninety days. 4.20% of the stock is owned by company insiders.

Prosperity Bancshares Stock Performance

PB stock opened at $65.13 on Thursday. The firm has a fifty day moving average price of $66.18 and a 200 day moving average price of $68.33. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $86.75. The firm has a market cap of $6.19 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 0.94 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The firm had revenue of $314.67 million during the quarter, compared to analyst estimates of $317.94 million. During the same period last year, the firm posted $1.34 earnings per share. Prosperity Bancshares’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a $0.60 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio is 42.18%.

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.