Boston Partners Has $25.36 Million Holdings in Prosperity Bancshares, Inc. $PB

Boston Partners boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,075 shares of the bank’s stock after purchasing an additional 32,805 shares during the period. Boston Partners owned 0.38% of Prosperity Bancshares worth $25,359,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of PB. Envestnet Asset Management Inc. raised its holdings in shares of Prosperity Bancshares by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after buying an additional 1,016 shares during the last quarter. Amundi acquired a new stake in Prosperity Bancshares in the 1st quarter valued at about $4,060,000. PNC Financial Services Group Inc. raised its stake in shares of Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after acquiring an additional 249 shares during the last quarter. Praxis Investment Management Inc. bought a new position in shares of Prosperity Bancshares in the second quarter worth about $298,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Prosperity Bancshares during the second quarter worth approximately $572,000. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $67.36, for a total value of $40,416.00. Following the completion of the sale, the director owned 44,400 shares in the company, valued at $2,990,784. This represents a 1.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 13,200 shares of company stock valued at $876,360. 4.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Stephens boosted their price objective on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Barclays decreased their price target on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Cantor Fitzgerald began coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Prosperity Bancshares Trading Down 0.1%

NYSE:PB opened at $67.18 on Thursday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $86.75. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 0.97 and a beta of 0.75. The business’s 50-day moving average price is $65.67 and its two-hundred day moving average price is $68.34.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. During the same period in the prior year, the business posted $1.34 EPS. Prosperity Bancshares’s revenue was up 3.9% on a year-over-year basis. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, December 15th. Prosperity Bancshares’s payout ratio is 42.78%.

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.