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

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

Other large investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC raised its holdings in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after purchasing an additional 312 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Prosperity Bancshares by 368.5% during the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after buying an additional 409 shares during the period. UMB Bank n.a. lifted its stake in shares of Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank's stock worth $45,000 after purchasing an additional 300 shares in the last quarter. GAMMA Investing LLC increased its stake in 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 buying an additional 143 shares during the period. Finally, Aster Capital Management DIFC Ltd raised its stake in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after purchasing an additional 713 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total value of $31,810.00. Following the completion of the sale, the director now directly owns 102,815 shares of the company's stock, valued at $6,541,090.30. This trade represents a 0.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 5,000 shares of company stock worth $362,910. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PB. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Thursday, April 10th. Raymond James boosted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. UBS Group reduced their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a research note on Thursday, December 26th. Morgan Stanley dropped their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Barclays dropped their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $83.35.

Prosperity Bancshares Trading Up 0.2 %

NYSE:PB traded up $0.13 during trading hours on Wednesday, reaching $67.29. 1,463,981 shares of the company traded hands, compared to its average volume of 574,455. The business's 50-day moving average price is $70.64 and its two-hundred day moving average price is $75.33. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The stock has a market capitalization of $6.41 billion, a P/E ratio of 13.30, a P/E/G ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 45.85%.

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.