M&T Bank Corp Buys 149 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

M&T Bank Corp increased its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,392 shares of the bank’s stock after buying an additional 149 shares during the period. M&T Bank Corp’s holdings in Prosperity Bancshares were worth $3,272,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PB. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC boosted its stake in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares in the last quarter. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after purchasing an additional 227 shares during the period. Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. boosted its position in shares of Prosperity Bancshares by 190.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after purchasing an additional 534 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’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 directly owns 113,815 shares in the company, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares 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 transaction, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. This trade represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,600 shares of company stock worth $645,199. Corporate insiders own 4.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on PB shares. Barclays lifted their price objective on Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $81.65.

Prosperity Bancshares Stock Performance

PB stock opened at $80.02 on Friday. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 1.22 and a beta of 0.92. The business’s 50-day moving average is $78.14 and its two-hundred day moving average is $71.02. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

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, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the prior year, the business earned $1.20 EPS. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

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.