Stifel Financial Corp Increases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Stifel Financial Corp boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,293 shares of the bank’s stock after buying an additional 4,677 shares during the quarter. Stifel Financial Corp owned approximately 0.12% of Prosperity Bancshares worth $8,165,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its holdings in shares of Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $16,478,000. Victory Capital Management Inc. boosted its stake in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Prosperity Bancshares by 52.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after acquiring an additional 77,039 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 1.1 %

Shares of NYSE PB opened at $81.04 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The stock has a market cap of $7.72 billion, a P/E ratio of 17.21, a PEG ratio of 1.22 and a beta of 0.92. The business’s fifty day simple moving average is $77.96 and its 200-day simple moving average is $70.90.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $299.83 million. During the same period in the previous year, the company earned $1.20 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.86%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Analysts Set New Price Targets

PB has been the subject of a number of research analyst reports. Hovde Group upped their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. Finally, StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $80.68.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now owns 113,815 shares of the company’s stock, valued at $9,269,093.60. The trade was a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares in the company, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,600 shares of company stock worth $645,199 in the last three months. Insiders own 4.28% of the company’s stock.

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.