Natixis Advisors LLC Raises Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Natixis Advisors LLC boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 9.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 212,125 shares of the bank's stock after acquiring an additional 18,424 shares during the quarter. Natixis Advisors LLC owned 0.22% of Prosperity Bancshares worth $15,288,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in shares of Prosperity Bancshares by 19.3% during the 1st quarter. BNP Paribas Financial Markets now owns 7,206 shares of the bank's stock worth $474,000 after acquiring an additional 1,166 shares during the last quarter. Delap Wealth Advisory LLC bought a new position in shares of Prosperity Bancshares in the first quarter worth approximately $328,000. Carlson Capital L P lifted its position in Prosperity Bancshares by 4.7% during the first quarter. Carlson Capital L P now owns 127,040 shares of the bank's stock valued at $8,357,000 after purchasing an additional 5,752 shares during the period. Advisors Asset Management Inc. bought a new position in Prosperity Bancshares in the first quarter worth approximately $124,000. Finally, Westwood Holdings Group Inc. grew its stake in Prosperity Bancshares by 68.2% during the first quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank's stock valued at $442,000 after acquiring an additional 2,726 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

PB traded down $0.27 during trading hours on Wednesday, hitting $81.56. 129,918 shares of the stock were exchanged, compared to its average volume of 571,162. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $85.13. The stock has a 50-day simple moving average of $74.18 and a 200-day simple moving average of $68.67. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of 17.37, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current 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 issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.84%. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares's payout ratio is currently 47.56%.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now owns 114,315 shares of the company's stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PB shares. Piper Sandler raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an "overweight" rating in a report on Thursday, July 25th. Wedbush reiterated an "outperform" rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reiterated a "sector perform" rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a "buy" rating in a report on Friday, July 26th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and cut their target price for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus target price of $78.96.

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.