ExodusPoint Capital Management LP Boosts Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

ExodusPoint Capital Management LP raised its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 462.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 169,778 shares of the bank's stock after purchasing an additional 139,585 shares during the period. ExodusPoint Capital Management LP owned about 0.18% of Prosperity Bancshares worth $12,793,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PB. Blue Trust Inc. boosted its position in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after buying an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after purchasing an additional 128 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. M&T Bank Corp grew its position in shares of Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank's stock valued at $3,272,000 after purchasing an additional 149 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its stake in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after purchasing an additional 194 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Remove Ads

Prosperity Bancshares Price Performance

NYSE:PB traded up $3.53 during trading hours on Wednesday, reaching $67.29. 674,209 shares of the company were exchanged, compared to its average volume of 557,011. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 13.30, a PEG ratio of 0.94 and a beta of 0.82. The stock has a 50 day simple moving average of $73.33 and a 200 day simple moving average of $75.72. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share 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%. On average, analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.45%. The ex-dividend date was Friday, March 14th. Prosperity Bancshares's dividend payout ratio is currently 45.85%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $78.43, for a total transaction of $39,215.00. Following the transaction, the director now owns 108,815 shares in the company, valued at approximately $8,534,360.45. The trade was a 0.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 5,000 shares of company stock worth $376,885. 4.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on PB. Stephens upped their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective on the stock in a research note on Tuesday, January 7th. Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday. UBS Group reduced their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, December 26th. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $83.35.

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.