Port Capital LLC Acquires 1,450 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Port Capital LLC increased its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% in the third quarter, Holdings Channel.com reports. The firm owned 523,243 shares of the bank’s stock after purchasing an additional 1,450 shares during the quarter. Prosperity Bancshares makes up approximately 1.7% of Port Capital LLC’s investment portfolio, making the stock its 28th largest position. Port Capital LLC’s holdings in Prosperity Bancshares were worth $37,710,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares in the last quarter. Quarry LP raised its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC lifted its stake in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Headlands Technologies LLC acquired a new position in Prosperity Bancshares during the second quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. raised its stake in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after buying an additional 534 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE:PB opened at $83.34 on Wednesday. The company has a market cap of $7.94 billion, a PE ratio of 17.69, a P/E/G ratio of 1.25 and a beta of 0.92. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The firm’s 50 day simple moving average is $76.42 and its 200 day simple moving average is $70.09.

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

Prosperity Bancshares Increases Dividend

The firm also recently disclosed 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 2.78%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insider Activity at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the sale, the director now owns 7,525 shares in the company, valued at $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,600 shares of company stock worth $562,594 in the last 90 days. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their target price for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Barclays boosted their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $79.95.

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.