Prudential PLC Buys New Position in Prosperity Bancshares, Inc. $PB

Prudential PLC acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 38,319 shares of the bank’s stock, valued at approximately $2,692,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Envestnet Asset Management Inc. raised its position in shares of Prosperity Bancshares by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after buying an additional 1,016 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Prosperity Bancshares during the first quarter worth about $2,126,000. AE Wealth Management LLC bought a new position in Prosperity Bancshares during the first quarter valued at about $319,000. Avantax Advisory Services Inc. raised its holdings in Prosperity Bancshares by 3.7% in the 1st quarter. Avantax Advisory Services Inc. now owns 7,554 shares of the bank’s stock valued at $539,000 after acquiring an additional 273 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in Prosperity Bancshares by 14.4% in the 1st quarter. TD Asset Management Inc now owns 43,634 shares of the bank’s stock valued at $3,114,000 after acquiring an additional 5,496 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $65.57, for a total transaction of $32,785.00. Following the completion of the sale, the director owned 88,415 shares of the company’s stock, valued at approximately $5,797,371.55. This trade represents a 0.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 14,300 shares of company stock worth $948,416 over the last quarter. 4.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PB shares. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price objective on the stock. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Hovde Group lowered their price target on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. Royal Bank Of Canada dropped 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 research note on Friday, October 10th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $77.00 target price (up from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $68.17 on Friday. The stock has a market capitalization of $6.48 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75. The business’s fifty day moving average price is $65.47 and its two-hundred day moving average price is $68.22. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the previous year, the company earned $1.34 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. Research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s payout ratio is currently 42.78%.

Prosperity Bancshares 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.