Sanctuary Advisors LLC Takes $372,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

Sanctuary Advisors LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,165 shares of the bank’s stock, valued at approximately $372,000.

Several other large investors have also recently added to or reduced their stakes in PB. M&T Bank Corp grew its position in Prosperity Bancshares by 0.3% during the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock worth $3,272,000 after buying an additional 149 shares during the period. US Bancorp DE grew its position in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the period. Tectonic Advisors LLC grew its position in Prosperity Bancshares by 3.0% during the third quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after buying an additional 206 shares during the period. GAMMA Investing LLC grew its position in Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares during the period. Finally, GHP Investment Advisors Inc. grew its position in Prosperity Bancshares by 1.3% during the third quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock worth $1,295,000 after buying an additional 228 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on PB shares. UBS Group lowered their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research report on Tuesday, September 17th. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and a consensus target price of $81.50.

Prosperity Bancshares Stock Down 1.1 %

NYSE:PB opened at $75.43 on Friday. The company has a market cap of $7.19 billion, a P/E ratio of 16.01, a P/E/G ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The firm’s 50 day moving average is $78.88 and its two-hundred day moving average is $71.99.

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

Prosperity Bancshares Increases Dividend

The firm also recently announced 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. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Insider Activity

In related news, Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total transaction of $320,280.00. Following the sale, the director now owns 107,137 shares of the company’s stock, valued at $8,578,459.59. The trade was a 3.60 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $78.48, for a total transaction of $39,240.00. Following the transaction, the director now directly owns 110,815 shares of the company’s stock, valued at approximately $8,696,761.20. This represents a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,100 shares of company stock valued at $1,004,719. Company insiders own 4.28% of the company’s stock.

About Prosperity Bancshares

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.