Point72 Asset Management L.P. Takes $16.48 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

Point72 Asset Management L.P. purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 228,636 shares of the bank's stock, valued at approximately $16,478,000. Point72 Asset Management L.P. owned 0.24% of Prosperity Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Victory Capital Management Inc. increased its holdings in Prosperity Bancshares by 3.0% in the 2nd 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 period. Dimensional Fund Advisors LP boosted its position in shares of Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank's stock worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Charles Schwab Investment Management Inc. increased 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 acquiring an additional 6,518 shares during the last quarter. Bank of New York Mellon Corp raised its position in Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank's stock valued at $57,192,000 after purchasing an additional 19,224 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in Prosperity Bancshares by 4.6% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank's stock valued at $60,219,000 after purchasing an additional 36,480 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $83.04, for a total transaction of $41,520.00. Following the transaction, the director now directly owns 112,815 shares of the company's stock, valued at $9,368,157.60. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares of the company's stock, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,100 shares of company stock valued at $604,114. 4.28% of the stock is currently owned by insiders.

Prosperity Bancshares Trading Down 0.3 %

NYSE:PB traded down $0.24 during trading hours on Friday, hitting $81.93. 291,866 shares of the company were exchanged, compared to its average volume of 492,607. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The company has a fifty day simple moving average of $77.11 and a 200 day simple moving average of $70.39.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.83%. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's payout ratio is 47.56%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PB shares. Raymond James lowered Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. StockNews.com cut Prosperity Bancshares from a "hold" rating to a "sell" rating in a research report on Friday, November 29th. DA Davidson cut shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Royal Bank of Canada restated a "sector perform" rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Hovde Group upped their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of "Moderate Buy" and an average price target of $80.68.

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.