Ruffer LLP Takes Position in Prosperity Bancshares, Inc. $PB

Ruffer LLP purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 42,828 shares of the bank’s stock, valued at approximately $2,964,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Prosperity Bancshares by 21.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after purchasing an additional 5,326 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Prosperity Bancshares by 36.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after acquiring an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after acquiring an additional 17,345 shares in the last quarter. Jane Street Group LLC increased its holdings in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after acquiring an additional 67,712 shares in the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $359,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PB. Hovde Group increased their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Morgan Stanley reduced their target price on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Weiss Ratings raised shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. Finally, Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $78.31.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $68.71, for a total value of $34,355.00. Following the completion of the sale, the director directly owned 77,915 shares in the company, valued at $5,353,539.65. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 12,100 shares of company stock valued at $834,609 in the last ninety days. 3.96% of the stock is owned by company insiders.

Prosperity Bancshares Price Performance

PB stock opened at $69.55 on Wednesday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 1.12 and a beta of 0.66. The business has a 50 day simple moving average of $68.75 and a two-hundred day simple moving average of $68.87.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.37 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 6.19 EPS for the current fiscal year.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.