Cerity Partners LLC Has $453,000 Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Cerity Partners LLC grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 22.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,282 shares of the bank’s stock after acquiring an additional 1,157 shares during the quarter. Cerity Partners LLC’s holdings in Prosperity Bancshares were worth $453,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PB. Amica Mutual Insurance Co. increased its stake in Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after acquiring an additional 46,593 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Prosperity Bancshares during the third quarter valued at approximately $4,804,000. Thrivent Financial for Lutherans grew its stake in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the period. US Bancorp DE raised its holdings in shares of Prosperity Bancshares by 3.4% in the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares in the last quarter. Finally, Silver Lake Advisory LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter worth approximately $611,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction 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 of the company’s stock, 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 document filed with the SEC, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $83.04, for a total transaction of $41,520.00. Following the completion of the sale, the director now owns 112,815 shares of the company’s stock, valued at approximately $9,368,157.60. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,100 shares of company stock worth $604,114 in the last three months. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE PB opened at $81.93 on Monday. The stock has a market capitalization of $7.80 billion, a P/E ratio of 17.39, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The stock has a fifty day moving average of $77.11 and a 200-day moving average of $70.48.

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

Prosperity Bancshares Increases Dividend

The business also recently declared 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 of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.83%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is 47.56%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PB. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday. Barclays upped their target price on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday. DA Davidson downgraded shares of 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. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.68.

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.