Prosperity Bancshares, Inc. $PB Position Raised by King Luther Capital Management Corp

King Luther Capital Management Corp boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 259.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 439,334 shares of the bank’s stock after purchasing an additional 317,255 shares during the quarter. King Luther Capital Management Corp’s holdings in Prosperity Bancshares were worth $29,088,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $350,099,000. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after buying an additional 205,291 shares during the last quarter. North Reef Capital Management LP grew its position in shares of Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after buying an additional 662,877 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $59,465,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $74.04, for a total transaction of $44,424.00. Following the transaction, the director directly owned 38,100 shares of the company’s stock, valued at approximately $2,820,924. This trade represents a 1.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 12,245 shares of company stock worth $857,390. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares Price Performance

PB stock opened at $73.12 on Thursday. The company has a market capitalization of $7.37 billion, a P/E ratio of 13.29, a PEG ratio of 0.85 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $63.20 and a twelve month high of $77.20. The business has a 50 day simple moving average of $69.63 and a 200-day simple moving average of $70.36. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 28th. The bank reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.32. The business had revenue of $495.70 million for the quarter, compared to analyst estimates of $491.49 million. Prosperity Bancshares had a net margin of 26.99% and a return on equity of 7.68%. The company’s revenue for the quarter was up 56.0% compared to the same quarter last year. During the same period last year, the firm posted $1.45 earnings per share. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be paid a dividend of $0.64 per share. The ex-dividend date is Tuesday, December 15th. This represents a $2.56 dividend on an annualized basis and a yield of 3.5%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.60. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 46.55%.

Wall Street Analyst Weigh In

PB has been the topic of several research analyst reports. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Prosperity Bancshares in a research note on Thursday, October 29th. Barclays upped their price objective on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the company an “underweight” rating in a research note on Monday, October 5th. TD Cowen raised their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Citigroup lifted their target price on Prosperity Bancshares from $77.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc. is a bank holding company whose principal subsidiary is Prosperity Bank. The company provides commercial and consumer banking services, including deposit accounts, business and personal loans, mortgage lending, and cash management services. Founded in 1983 as a community bank in Edna, Texas, Prosperity has expanded through organic growth and acquisitions. It serves customers across Texas and Oklahoma, with a presence in communities including Houston, Dallas–Fort Worth, Austin, San Antonio, and Tulsa.