Natixis Advisors LLC Acquires 17,633 Shares of Prosperity Bancshares, Inc. $PB

Natixis Advisors LLC boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 260,013 shares of the bank’s stock after acquiring an additional 17,633 shares during the period. Natixis Advisors LLC’s holdings in Prosperity Bancshares were worth $17,251,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Mather Group LLC. purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $42,000. Employees Retirement System of Texas purchased a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $48,000. Osaic Holdings Inc. lifted its position in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the period. Finally, Cornerstone Planning Group LLC lifted its position in Prosperity Bancshares by 18,633.3% during the third quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock valued at $75,000 after purchasing an additional 1,118 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 1.6%

Shares of PB stock opened at $65.82 on Thursday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a market cap of $6.69 billion, a P/E ratio of 11.49, a P/E/G ratio of 0.94 and a beta of 0.66. The company has a 50 day simple moving average of $71.51 and a two-hundred day simple moving average of $68.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. During the same period last year, the firm earned $1.37 earnings per share. The company’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $71.99, for a total transaction of $43,194.00. Following the completion of the sale, the director owned 42,700 shares of the company’s stock, valued at approximately $3,073,973. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 13,200 shares of company stock worth $936,078 in the last quarter. 4.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on PB. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Cantor Fitzgerald increased their price target on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Finally, Hovde Group upped their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $78.92.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.