LMR Partners LLP Takes $574,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

LMR Partners LLP purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,961 shares of the bank's stock, valued at approximately $574,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after buying an additional 177 shares in the last quarter. Quarry LP grew its stake in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC raised its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after acquiring an additional 535 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at about $43,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $46,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.28% of the company's stock.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of analyst reports. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $75.00 to $86.00 in a report on Monday, August 5th. Royal Bank of Canada reissued a "sector perform" rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Wedbush reiterated an "outperform" rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, DA Davidson lowered shares of 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. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $78.96.

Prosperity Bancshares Stock Down 0.2 %

Shares of PB traded down $0.12 during trading on Wednesday, reaching $81.71. The company's stock had a trading volume of 402,129 shares, compared to its average volume of 572,417. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 1.23 and a beta of 0.89. The company has a fifty day moving average of $74.38 and a two-hundred day moving average of $68.76. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $85.13.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the prior year, the firm posted $1.20 EPS. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's dividend payout ratio (DPR) is currently 47.56%.

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.