Strategic Financial Concepts LLC Purchases New Position in Prosperity Bancshares, Inc. (NYSE:PB)

Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 72,506 shares of the bank's stock, valued at approximately $5,463,000. Strategic Financial Concepts LLC owned approximately 0.08% of Prosperity Bancshares as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Lakeridge Wealth Management LLC bought a new stake in Prosperity Bancshares in the fourth quarter worth $209,000. Allspring Global Investments Holdings LLC boosted its holdings in Prosperity Bancshares by 3.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank's stock worth $21,128,000 after acquiring an additional 10,589 shares in the last quarter. Savant Capital LLC boosted its holdings in Prosperity Bancshares by 4.6% in the fourth quarter. Savant Capital LLC now owns 4,505 shares of the bank's stock worth $339,000 after acquiring an additional 197 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Prosperity Bancshares by 6.4% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank's stock worth $67,002,000 after purchasing an additional 53,654 shares during the last quarter. Finally, Choreo LLC purchased a new position in shares of Prosperity Bancshares in the fourth quarter worth $240,000. 80.69% of the stock is currently owned by institutional investors.

Insider Transactions at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,100 shares of the company's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company's stock, valued at $626,381. This represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the company's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 15,100 shares of company stock valued at $1,232,559 over the last 90 days. Company insiders own 4.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PB shares. Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Barclays boosted their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Friday, December 20th. 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. StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, January 31st. Finally, Wolfe Research restated a "peer perform" rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $82.88.

Prosperity Bancshares Stock Down 0.8 %

NYSE:PB traded down $0.61 during mid-day trading on Thursday, hitting $77.46. 347,443 shares of the company traded hands, compared to its average volume of 505,068. The stock's fifty day moving average price is $77.60 and its 200-day moving average price is $75.88. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 0.95 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating 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%. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.82 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares's dividend payout ratio is presently 45.85%.

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.