Tudor Investment Corp ET AL Buys New Position in Prosperity Bancshares, Inc. $PB

Tudor Investment Corp ET AL purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 73,582 shares of the bank’s stock, valued at approximately $4,882,000. Tudor Investment Corp ET AL owned approximately 0.08% of Prosperity Bancshares at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Mather Group LLC. bought a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $26,000. Community Bank N.A. purchased a new position in Prosperity Bancshares in the third quarter worth $29,000. Danske Bank A S bought a new position in Prosperity Bancshares in the third quarter valued at $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Prosperity Bancshares in the third quarter valued at $42,000. Finally, Employees Retirement System of Texas purchased a new stake in Prosperity Bancshares during the second quarter valued at about $48,000. Institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $69.38, for a total value of $41,628.00. Following the completion of the sale, the director directly owned 42,500 shares of the company’s stock, valued at approximately $2,948,650. This trade represents a 1.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 13,200 shares of company stock valued at $922,415. 3.96% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PB shares. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note 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 report on Monday, March 2nd. Hovde Group raised their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Barclays downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Finally, Cantor Fitzgerald upped their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $78.92.

Prosperity Bancshares Stock Performance

NYSE PB opened at $66.18 on Thursday. The stock has a market cap of $6.72 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 0.93 and a beta of 0.66. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock has a 50 day simple moving average of $70.33 and a two-hundred day simple moving average of $68.62.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. During the same period in the previous year, the firm earned $1.37 earnings per share. The business’s revenue was down 5.9% compared to the same quarter last year. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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

Prosperity Bancshares 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.