Choreo LLC Takes Position in Prosperity Bancshares, Inc. (NYSE:PB)

Choreo LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,195 shares of the bank’s stock, valued at approximately $240,000.

Other institutional investors also recently bought and sold shares of the company. CWM LLC boosted its holdings in shares of Prosperity Bancshares by 29.3% during the 3rd quarter. CWM LLC now owns 7,803 shares of the bank’s stock valued at $562,000 after buying an additional 1,766 shares in the last quarter. Creative Planning lifted its position in Prosperity Bancshares by 17.2% during the 3rd quarter. Creative Planning now owns 3,909 shares of the bank’s stock valued at $282,000 after acquiring an additional 574 shares during the period. NBC Securities Inc. boosted its stake in Prosperity Bancshares by 36.1% during the third quarter. NBC Securities Inc. now owns 6,004 shares of the bank’s stock worth $432,000 after acquiring an additional 1,594 shares in the last quarter. Blue Trust Inc. grew its holdings in Prosperity Bancshares by 181.6% in the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock worth $62,000 after purchasing an additional 554 shares during the period. Finally, Raymond James & Associates grew its holdings in Prosperity Bancshares by 7.0% in the third quarter. Raymond James & Associates now owns 31,942 shares of the bank’s stock worth $2,302,000 after purchasing an additional 2,082 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Down 0.3 %

Shares of Prosperity Bancshares stock opened at $77.81 on Friday. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The company has a market cap of $7.41 billion, a price-to-earnings ratio of 15.38, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94. The company’s 50 day moving average is $77.79 and its 200 day moving average is $75.71.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, beating 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%. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company 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 dividend of $0.58 per share. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.98%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a report on Tuesday, January 7th. Barclays raised their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.88.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,600 shares of company stock valued at $1,273,279 in the last quarter. 4.28% of the stock is currently owned by insiders.

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.