HighTower Advisors LLC Acquires 4,096 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

HighTower Advisors LLC boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 18.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,756 shares of the bank’s stock after acquiring an additional 4,096 shares during the quarter. HighTower Advisors LLC’s holdings in Prosperity Bancshares were worth $1,941,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PB. Prospector Partners LLC lifted its holdings in shares of Prosperity Bancshares by 24.6% during the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after buying an additional 45,177 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $372,000. Jane Street Group LLC lifted its holdings in shares of Prosperity Bancshares by 418.0% during the 3rd quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after buying an additional 90,015 shares during the period. Stifel Financial Corp lifted its holdings in shares of Prosperity Bancshares by 4.3% during the 3rd quarter. Stifel Financial Corp now owns 113,293 shares of the bank’s stock valued at $8,165,000 after buying an additional 4,677 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Prosperity Bancshares by 3.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock valued at $21,128,000 after buying an additional 10,589 shares during the period. 80.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $75.25, for a total transaction of $37,625.00. Following the completion of the transaction, the director now owns 109,815 shares of the company’s stock, valued at $8,263,578.75. This represents a 0.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 5,500 shares of company stock worth $418,095. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of several research analyst reports. Raymond James increased their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Barclays upped their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th. Finally, Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $83.50.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.49 on Monday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The firm has a market capitalization of $6.71 billion, a PE ratio of 13.93, a PEG ratio of 0.94 and a beta of 0.94. The stock has a fifty day simple moving average of $76.43 and a two-hundred day simple moving average of $76.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.29%. Prosperity Bancshares’s payout ratio is presently 45.85%.

Prosperity Bancshares Company 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.