LMR Partners LLP Invests $574,000 in Prosperity Bancshares, Inc. (NYSE:PB)

LMR Partners LLP acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,961 shares of the bank’s stock, valued at approximately $574,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Amica Mutual Insurance Co. raised its position in shares of Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after purchasing an additional 46,593 shares during the period. Los Angeles Capital Management LLC purchased a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $4,804,000. Harbor Capital Advisors Inc. raised its holdings in Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after acquiring an additional 9,148 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after acquiring an additional 153 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Trading Down 0.7 %

PB opened at $81.80 on Wednesday. The stock has a market capitalization of $7.79 billion, a P/E ratio of 17.37, a PEG ratio of 1.23 and a beta of 0.89. The stock has a 50-day moving average price of $74.18 and a 200-day moving average price of $68.67. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $85.13.

Prosperity Bancshares (NYSE:PB) last issued its earnings results 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. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the prior year, the firm earned $1.20 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a $0.58 dividend. 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 yield of 2.84%. Prosperity Bancshares’s payout ratio is currently 47.56%.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’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 completion of the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 4.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Piper Sandler raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $78.96.

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.