CIBC Asset Management Inc Makes New Investment in Prosperity Bancshares, Inc. (NYSE:PB)

CIBC Asset Management Inc bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,789 shares of the bank’s stock, valued at approximately $210,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Creative Planning increased its stake in shares of Prosperity Bancshares by 17.2% during the third quarter. Creative Planning now owns 3,909 shares of the bank’s stock valued at $282,000 after buying an additional 574 shares during the period. Blue Trust Inc. increased its stake in shares of Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after buying an additional 554 shares during the period. Raymond James & Associates increased its stake in shares of Prosperity Bancshares by 7.0% during the third quarter. Raymond James & Associates now owns 31,942 shares of the bank’s stock valued at $2,302,000 after buying an additional 2,082 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Prosperity Bancshares by 10.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,193 shares of the bank’s stock valued at $446,000 after buying an additional 610 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Prosperity Bancshares by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 11,182 shares of the bank’s stock valued at $805,000 after buying an additional 750 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Barclays lifted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research note on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $82.88.

Insider Buying and Selling

In other news, Director Harrison Stafford II sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the sale, the director now directly owns 107,137 shares in the company, valued at $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $78.30, for a total value of $39,150.00. Following the completion of the sale, the director now owns 106,815 shares of the company’s stock, valued at $8,363,614.50. This trade represents a 0.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,500 shares of company stock valued at $752,665 over the last quarter. 4.28% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Performance

Shares of NYSE PB opened at $76.39 on Thursday. The company has a market cap of $7.28 billion, a PE ratio of 15.10, a P/E/G ratio of 0.94 and a beta of 0.94. The business has a 50-day simple moving average of $77.36 and a two-hundred day simple moving average of $76.11. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

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.