Raymond James Financial Inc. Makes New Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Raymond James Financial Inc. acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 114,707 shares of the bank's stock, valued at approximately $8,643,000. Raymond James Financial Inc. owned 0.12% of Prosperity Bancshares at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after buying an additional 128 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock worth $64,000 after acquiring an additional 143 shares in the last quarter. M&T Bank Corp lifted its stake in Prosperity Bancshares by 0.3% during the third quarter. M&T Bank Corp now owns 45,392 shares of the bank's stock worth $3,272,000 after purchasing an additional 149 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock valued at $430,000 after purchasing an additional 194 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after purchasing an additional 195 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total value of $37,625.00. Following the completion of the sale, the director now owns 109,815 shares in the company, valued at $8,263,578.75. This trade represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 5,500 shares of company stock worth $418,095 over the last three months. 4.28% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Down 0.5 %

NYSE:PB traded down $0.36 during midday trading on Wednesday, reaching $71.69. The stock had a trading volume of 565,100 shares, compared to its average volume of 524,985. The stock has a market cap of $6.83 billion, a P/E ratio of 14.17, a P/E/G ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The firm has a fifty day simple moving average of $76.26 and a two-hundred day simple moving average of $76.19.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.24%. Prosperity Bancshares's dividend payout ratio is currently 45.85%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. UBS Group reduced their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, December 26th. Barclays raised their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a report on Friday, December 20th. Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $83.50.

Prosperity Bancshares Company 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.