Hodges Capital Management Inc. Boosts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Hodges Capital Management Inc. boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,231 shares of the bank’s stock after purchasing an additional 6,902 shares during the period. Hodges Capital Management Inc.’s holdings in Prosperity Bancshares were worth $11,094,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its holdings in Prosperity Bancshares by 1.8% in the fourth quarter. Pacer Advisors Inc. now owns 14,202 shares of the bank’s stock valued at $1,070,000 after purchasing an additional 247 shares during the period. KBC Group NV grew its position in shares of Prosperity Bancshares by 45.1% in the 4th quarter. KBC Group NV now owns 4,099 shares of the bank’s stock valued at $309,000 after buying an additional 1,275 shares during the last quarter. Blue Trust Inc. increased its position 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 buying an additional 128 shares during the period. Olistico Wealth LLC boosted its stake in Prosperity Bancshares by 93.5% during the 4th quarter. Olistico Wealth LLC now owns 2,872 shares of the bank’s stock worth $216,000 after purchasing an additional 1,388 shares during the period. Finally, Dakota Wealth Management acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $237,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Stephens upped their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a report on Tuesday, January 7th. Finally, StockNews.com raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.88.

Insider Activity at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now owns 229,953 shares of the company’s stock, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 transaction of $91,564.00. Following the completion of the sale, the director now owns 7,525 shares of the company’s stock, valued at $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,100 shares of company stock valued at $1,236,104. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $79.96 on Monday. The company has a market cap of $7.62 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. The firm has a 50 day simple moving average of $78.68 and a 200 day simple moving average of $75.16. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) 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%. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.8 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is 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.