Goodman Financial Corp Takes $346,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

Goodman Financial Corp acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,803 shares of the bank’s stock, valued at approximately $346,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in Prosperity Bancshares by 69.9% during the third quarter. FMR LLC now owns 7,736 shares of the bank’s stock worth $558,000 after buying an additional 3,182 shares during the period. Prospector Partners LLC raised its position in shares of Prosperity Bancshares by 24.6% in the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after acquiring an additional 45,177 shares in the last quarter. DRW Securities LLC purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter worth $2,028,000. Dynamic Technology Lab Private Ltd bought a new stake in Prosperity Bancshares during the third quarter valued at about $1,075,000. Finally, Cerity Partners LLC grew its stake in Prosperity Bancshares by 22.6% in the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock valued at $453,000 after purchasing an additional 1,157 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $84.51 on Tuesday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The firm has a market capitalization of $8.05 billion, a PE ratio of 18.06, a P/E/G ratio of 1.26 and a beta of 0.89. The stock’s 50-day simple moving average is $74.83 and its 200-day simple moving average is $69.08.

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

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.75%. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at $9,269,093.60. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,100 shares of company stock valued at $174,264. 4.28% of the stock is owned by insiders.

Analysts Set New Price Targets

PB has been the subject of several analyst reports. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

About Prosperity Bancshares

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.