Atom Investors LP Grows Position in Prosperity Bancshares, Inc. (NYSE:PB)

Atom Investors LP raised its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 60.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,573 shares of the bank's stock after purchasing an additional 17,857 shares during the period. Atom Investors LP's holdings in Prosperity Bancshares were worth $3,429,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Quarry LP boosted its position in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC increased its stake in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after purchasing an additional 535 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter valued at $46,000. Finally, First Horizon Advisors Inc. boosted 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 valued at $59,000 after acquiring an additional 534 shares during the last quarter. Hedge funds and other 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 business's stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $84.66, for a total value of $42,330.00. Following the completion of the sale, the director now directly owns 113,315 shares in the company, valued at $9,593,247.90. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares of the company's stock, valued at $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. In the last 90 days, insiders sold 6,600 shares of company stock valued at $562,594. 4.28% of the stock is owned by company insiders.

Prosperity Bancshares Stock Down 0.0 %

PB stock traded down $0.02 during trading on Monday, hitting $83.71. 329,749 shares of the company's stock traded hands, compared to its average volume of 569,227. The firm has a market capitalization of $7.97 billion, a P/E ratio of 17.82, a PEG ratio of 1.25 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75. The business has a fifty day simple moving average of $75.96 and a two-hundred day simple moving average of $69.82.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the firm earned $1.20 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.77%. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's dividend payout ratio (DPR) is currently 49.26%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays upped their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an "equal weight" rating in a report on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a report on Monday, August 26th. Truist Financial cut shares of Prosperity Bancshares from a "buy" rating to a "hold" rating and cut their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average price target of $79.95.

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.