HighTower Advisors LLC boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 18.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,756 shares of the bank's stock after buying an additional 4,096 shares during the period. HighTower Advisors LLC's holdings in Prosperity Bancshares were worth $1,941,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. Swiss National Bank lifted its position in Prosperity Bancshares by 1.8% in the 3rd quarter. Swiss National Bank now owns 187,367 shares of the bank's stock worth $13,504,000 after buying an additional 3,300 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Prosperity Bancshares by 61.8% during the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank's stock worth $349,000 after acquiring an additional 1,849 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank's stock valued at $59,000 after purchasing an additional 534 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank's stock valued at $85,280,000 after purchasing an additional 6,518 shares in the last quarter. Finally, Cerity Partners LLC grew its stake in Prosperity Bancshares by 22.6% in the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank's stock valued at $453,000 after purchasing an additional 1,157 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares Price Performance
Shares of Prosperity Bancshares stock traded down $0.15 during midday trading on Thursday, hitting $71.53. 438,819 shares of the company were exchanged, compared to its average volume of 571,795. The firm has a 50 day simple moving average of $76.12 and a 200-day simple moving average of $76.16. The firm has a market cap of $6.81 billion, a P/E ratio of 14.14, a PEG ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75.
Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.
Prosperity Bancshares Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.24%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 45.85%.
Insiders Place Their Bets
In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total value of $37,060.00. Following the transaction, the director now owns 109,315 shares of the company's stock, valued at approximately $8,102,427.80. The trade was a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 5,500 shares of company stock valued at $416,135. 4.28% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Raymond James lifted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Bank of America upgraded Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target for the company in a research note on Tuesday, January 7th. Wolfe Research restated a "peer perform" rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. StockNews.com cut shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, March 19th. Finally, Morgan Stanley decreased their price target on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $83.50.
Check Out Our Latest Research Report on PB
Prosperity Bancshares Company Profile
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Free Report)
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.
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