28,133 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Purchased by DRW Securities LLC

DRW Securities LLC purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, HoldingsChannel.com reports. The fund purchased 28,133 shares of the bank’s stock, valued at approximately $2,028,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PB. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Quarry LP increased its stake in Prosperity Bancshares by 533.3% in the 2nd 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 raised its holdings in shares of 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. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth about $43,000. Finally, Headlands Technologies LLC acquired a new stake in Prosperity Bancshares in the second quarter valued at approximately $46,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $84.30 on Monday. The stock has a market capitalization of $8.03 billion, a P/E ratio of 17.90, a price-to-earnings-growth ratio of 1.26 and a beta of 0.89. The stock has a fifty day moving average of $74.83 and a 200-day moving average of $69.08. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $85.13.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the prior year, the firm posted $1.20 EPS. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. 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 annualized dividend and a dividend yield of 2.75%. Prosperity Bancshares’s dividend payout ratio is 47.56%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.28% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wedbush reaffirmed 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 cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Hovde Group upped their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

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.