Transcend Capital Advisors LLC Makes New $208,000 Investment in Prosperity Bancshares, Inc. $PB

Transcend Capital Advisors LLC bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,963 shares of the bank’s stock, valued at approximately $208,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock valued at $334,595,000 after purchasing an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in Prosperity Bancshares by 14.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock valued at $230,739,000 after purchasing an additional 412,283 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in Prosperity Bancshares by 14.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,269,634 shares of the bank’s stock valued at $89,179,000 after purchasing an additional 157,060 shares in the last quarter. AQR Capital Management LLC raised its stake in Prosperity Bancshares by 56.2% in the first quarter. AQR Capital Management LLC now owns 866,223 shares of the bank’s stock valued at $61,008,000 after purchasing an additional 311,698 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Prosperity Bancshares in the first quarter valued at approximately $25,491,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $63.44, for a total value of $31,720.00. Following the completion of the sale, the director directly owned 90,415 shares of the company’s stock, valued at approximately $5,735,927.60. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 13,200 shares of company stock valued at $878,770 in the last quarter. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.5%

Shares of NYSE PB opened at $64.78 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $86.75. The firm’s fifty day moving average is $66.13 and its 200 day moving average is $68.30. The company has a market cap of $6.15 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. During the same period in the previous year, the firm earned $1.34 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.7%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.18%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PB shares. Royal Bank Of Canada lowered their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Friday, October 10th. Raymond James Financial reiterated an “outperform” rating and set a $77.00 price target (up from $75.00) on shares of Prosperity Bancshares in a research report on Thursday. Hovde Group decreased their price target on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday. Cowen started coverage on shares of Prosperity Bancshares in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $80.21.

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.