M&T Bank Corp Has $3.69 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

M&T Bank Corp increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 8.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,001 shares of the bank’s stock after acquiring an additional 3,609 shares during the period. M&T Bank Corp’s holdings in Prosperity Bancshares were worth $3,692,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after acquiring an additional 128 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares during the last quarter. US Bancorp DE increased its position in Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after purchasing an additional 194 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after buying an additional 195 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Harrison Stafford II sold 4,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $8,578,459.59. The trade was a 3.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $82.17, for a total value of $41,085.00. Following the completion of the transaction, the director now owns 111,315 shares in the company, valued at approximately $9,146,753.55. The trade was a 0.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,500 shares of company stock worth $747,955. 4.28% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $72.80 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The firm’s fifty day moving average is $77.25 and its 200-day moving average is $76.28. The firm has a market cap of $6.94 billion, a P/E ratio of 14.39, a P/E/G ratio of 0.94 and a beta of 0.94.

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

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors 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 annualized dividend and a yield of 3.19%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PB. Stephens upped their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Barclays lifted their price target 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. UBS Group reduced their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. Finally, Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $82.88.

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.