Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 40.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,411 shares of the bank's stock after purchasing an additional 9,935 shares during the quarter. Franklin Resources Inc.'s holdings in Prosperity Bancshares were worth $2,509,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock valued at $262,141,000 after purchasing an additional 532,241 shares during the period. Point72 Asset Management L.P. purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at approximately $16,478,000. Victory Capital Management Inc. raised its position in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank's stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after buying an additional 112,101 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank's stock worth $8,039,000 after acquiring an additional 90,015 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Wedbush reiterated an "outperform" rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays boosted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Friday, December 20th. DA Davidson cut 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. Wolfe Research reaffirmed a "peer perform" rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Finally, Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $81.50.

Prosperity Bancshares Price Performance

NYSE:PB traded up $0.05 during trading hours on Thursday, reaching $76.24. The company had a trading volume of 248,665 shares, compared to its average volume of 561,474. The firm has a market cap of $7.26 billion, a PE ratio of 16.19, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The business's 50 day moving average price is $78.85 and its 200-day moving average price is $71.97. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released 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 analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the business earned $1.20 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.04%. Prosperity Bancshares's dividend payout ratio is presently 49.26%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harrison Stafford II sold 4,000 shares of the firm's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares in the company, valued at $8,578,459.59. The trade was a 3.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,100 shares of company stock worth $1,004,719. 4.28% of the stock is owned by corporate insiders.

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.