Jane Street Group LLC Purchases 90,015 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Jane Street Group LLC lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 418.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,548 shares of the bank's stock after purchasing an additional 90,015 shares during the quarter. Jane Street Group LLC owned 0.12% of Prosperity Bancshares worth $8,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PB. Raymond James & Associates lifted its position in Prosperity Bancshares by 8.0% in the 2nd quarter. Raymond James & Associates now owns 29,860 shares of the bank's stock valued at $1,826,000 after acquiring an additional 2,223 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Prosperity Bancshares by 1.8% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank's stock valued at $48,856,000 after buying an additional 14,175 shares during the last quarter. Fifth Third Bancorp increased its holdings in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank's stock worth $63,000 after buying an additional 332 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Prosperity Bancshares by 0.6% in the 2nd quarter. Retirement Systems of Alabama now owns 118,411 shares of the bank's stock worth $7,240,000 after buying an additional 719 shares in the last quarter. Finally, Ceredex Value Advisors LLC raised its position in Prosperity Bancshares by 2.4% in the 2nd quarter. Ceredex Value Advisors LLC now owns 218,446 shares of the bank's stock worth $13,473,000 after buying an additional 5,100 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Down 0.5 %

Shares of NYSE:PB traded down $0.44 during mid-day trading on Friday, reaching $80.02. The stock had a trading volume of 385,958 shares, compared to its average volume of 561,646. The business's 50 day moving average price is $78.14 and its 200 day moving average price is $71.02. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75. The company has a market cap of $7.62 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $299.83 million. During the same quarter in the previous year, the business posted $1.20 earnings per share. Analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.90%. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's payout ratio is currently 49.26%.

Insider Activity at Prosperity Bancshares

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business'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 completion of the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares in the company, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,600 shares of company stock worth $645,199. Company insiders own 4.28% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PB. Royal Bank of Canada reiterated a "sector perform" rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reiterated an "outperform" rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James cut Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Barclays upped their price target on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an "equal weight" rating in a research report on Thursday, December 5th. Finally, DA Davidson cut shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $81.65.

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.