Verition Fund Management LLC Acquires 3,978 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Verition Fund Management LLC raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 0.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 834,701 shares of the bank’s stock after purchasing an additional 3,978 shares during the quarter. Prosperity Bancshares accounts for 0.3% of Verition Fund Management LLC’s investment portfolio, making the stock its 21st largest position. Verition Fund Management LLC owned approximately 0.88% of Prosperity Bancshares worth $60,157,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Advisors Asset Management Inc. bought a new stake in shares of Prosperity Bancshares in the 1st quarter worth approximately $124,000. Price T Rowe Associates Inc. MD raised its stake in shares of Prosperity Bancshares by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after buying an additional 2,706 shares during the period. Westwood Holdings Group Inc. lifted its position in shares of Prosperity Bancshares by 68.2% during the 1st quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock valued at $442,000 after buying an additional 2,726 shares during the last quarter. Abich Financial Wealth Management LLC grew its stake in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Down 0.7 %

Prosperity Bancshares stock opened at $84.17 on Friday. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 1.25 and a beta of 0.89. The business has a 50-day simple moving average of $75.73 and a 200 day simple moving average of $69.60. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75.

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

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 47.56%.

Analyst Ratings Changes

PB has been the topic of several recent research reports. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Barclays raised their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction that occurred 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 directly owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,100 shares of company stock valued at $520,264 in the last quarter. Insiders own 4.28% of the company’s stock.

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.