Hodges Capital Management Inc. Raises Position in Prosperity Bancshares, Inc. (NYSE:PB)

Hodges Capital Management Inc. raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 4.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 147,231 shares of the bank’s stock after purchasing an additional 6,902 shares during the quarter. Hodges Capital Management Inc. owned 0.15% of Prosperity Bancshares worth $11,094,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can boosted its holdings in Prosperity Bancshares by 3.4% in the second quarter. Bank of Montreal Can now owns 15,425 shares of the bank’s stock valued at $946,000 after acquiring an additional 506 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Prosperity Bancshares by 0.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,001 shares of the bank’s stock worth $5,075,000 after purchasing an additional 582 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Prosperity Bancshares by 135.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after buying an additional 6,022 shares during the last quarter. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Prosperity Bancshares during the 2nd quarter valued at about $540,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PB shares. Barclays raised their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Finally, Raymond James boosted their price target on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Insider Transactions at Prosperity Bancshares

In other 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 value of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at $19,890,934.50. This represents a 1.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following 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. Insiders sold 15,100 shares of company stock valued at $1,236,104 in the last quarter. 4.28% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Down 0.4 %

PB stock opened at $79.96 on Monday. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 0.97 and a beta of 0.94. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The business’s fifty day simple moving average is $78.68 and its two-hundred day simple moving average is $75.16.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Research analysts expect that Prosperity Bancshares, Inc. will post 5.8 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

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.