Prosperity Bancshares, Inc. $PB Shares Acquired by Private Management Group Inc.

Private Management Group Inc. lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 2.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 461,853 shares of the bank’s stock after buying an additional 10,429 shares during the quarter. Private Management Group Inc. owned approximately 0.49% of Prosperity Bancshares worth $30,644,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PB. Mather Group LLC. acquired a new position in Prosperity Bancshares in the 3rd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter worth about $42,000. Employees Retirement System of Texas purchased a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $48,000. Osaic Holdings Inc. boosted its stake in shares of Prosperity Bancshares by 34.9% in 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 grew its holdings in shares of Prosperity Bancshares by 18,633.3% in 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 in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.7%

NYSE PB opened at $64.28 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The firm has a 50 day moving average of $71.33 and a two-hundred day moving average of $68.84. The stock has a market capitalization of $6.53 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.92 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s revenue was down 5.9% on a year-over-year basis. During the same period last year, the business earned $1.37 EPS. On average, equities research analysts expect 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 Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.7%. 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 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $66.00, for a total transaction of $33,000.00. Following the completion of the sale, the director directly owned 80,415 shares of the company’s stock, valued at $5,307,390. The trade was a 0.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 13,200 shares of company stock valued at $936,078 in the last 90 days. 4.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on PB. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Morgan Stanley increased their price objective on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Finally, Barclays downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $78.92.

Prosperity Bancshares Company Profile

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.