Point72 DIFC Ltd Invests $1.12 Million in Prosperity Bancshares, Inc. (NYSE:PB)

Point72 DIFC Ltd acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,583 shares of the bank’s stock, valued at approximately $1,123,000.

A number of other institutional investors have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Prosperity Bancshares during the third quarter worth about $16,478,000. Victory Capital Management Inc. grew its position in Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Prosperity Bancshares by 52.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after buying an additional 77,039 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PB. Hovde Group lifted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Finally, DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.95.

Insider Buying and Selling

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction 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 sale, the director now 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 disclosure for this sale can be found here. Insiders sold 7,100 shares of company stock worth $604,114 in the last quarter. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB opened at $83.38 on Thursday. The company has a market capitalization of $7.94 billion, a P/E ratio of 17.70, a PEG ratio of 1.24 and a beta of 0.92. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The business’s 50 day simple moving average is $76.67 and its 200-day simple moving average is $70.18.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping 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 the consensus estimate of $299.83 million. During the same period in the previous year, the business earned $1.20 EPS. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is 47.56%.

Prosperity Bancshares 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.