Loomis Sayles & Co. L P Has $30.35 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Loomis Sayles & Co. L P cut its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 421,174 shares of the bank's stock after selling 6,505 shares during the period. Loomis Sayles & Co. L P owned about 0.44% of Prosperity Bancshares worth $30,354,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP grew its holdings in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC increased its position in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares in the second quarter worth about $43,000. Finally, Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth approximately $46,000. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 0.4 %

Prosperity Bancshares stock traded down $0.34 during mid-day trading on Tuesday, hitting $84.73. 552,691 shares of the company's stock were exchanged, compared to its average volume of 572,587. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The firm has a market capitalization of $8.07 billion, a P/E ratio of 17.94, a PEG ratio of 1.26 and a beta of 0.89. The company's 50 day simple moving average is $75.07 and its 200-day simple moving average is $69.24.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate 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 last year, the company posted $1.20 EPS. Research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current 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 paid 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 annualized dividend and a yield of 2.74%. Prosperity Bancshares's payout ratio is presently 47.56%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PB shares. Hovde Group increased their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research report on Monday, August 26th. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Barclays boosted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an "equal weight" rating in a report on Thursday, October 24th. Royal Bank of Canada restated a "sector perform" rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Raymond James cut shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $78.96.

Insiders Place Their Bets

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, November 20th. The shares were 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 directly owns 113,815 shares of the company's stock, valued at $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,100 shares of company stock valued at $520,264 in the last quarter. 4.28% of the stock is currently owned by insiders.

About Prosperity Bancshares

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.