LMR Partners LLP Takes $574,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

LMR Partners LLP acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,961 shares of the bank’s stock, valued at approximately $574,000.

Several other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the period. Quarry LP lifted its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares during the period. Quest Partners LLC lifted its holdings in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares during the second quarter valued at $43,000. Finally, Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth about $46,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

PB stock opened at $81.80 on Wednesday. The business has a 50-day simple moving average of $74.18 and a two-hundred day simple moving average of $68.67. The company has a market capitalization of $7.79 billion, a P/E ratio of 17.37, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $85.13.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the business earned $1.20 EPS. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.84%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Wall Street Analyst Weigh In

PB has been the topic of several research analyst reports. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their target price for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Hovde Group lifted their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at $9,597,887.40. This represents a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.28% of the company’s stock.

Prosperity Bancshares Company Profile

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.