Goodman Financial Corp Invests $346,000 in Prosperity Bancshares, Inc. (NYSE:PB)

Goodman Financial Corp purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 4,803 shares of the bank’s stock, valued at approximately $346,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Victory Capital Management Inc. raised its holdings in shares of Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after purchasing an additional 6,518 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Prosperity Bancshares by 4.6% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock worth $60,219,000 after buying an additional 36,480 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the topic of several research reports. Hovde Group raised their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Wedbush restated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research report on Tuesday, September 17th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Barclays upped their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.96.

Insiders Place Their Bets

In other news, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,100 shares of company stock worth $174,264 over the last ninety days. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Trading Down 0.7 %

Shares of NYSE:PB opened at $84.51 on Tuesday. The business has a 50-day moving average price of $74.83 and a 200 day moving average price of $69.08. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The company has a market capitalization of $8.05 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 1.26 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly 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 analysts’ expectations of $299.83 million. During the same period last year, the business earned $1.20 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.75%. Prosperity Bancshares’s payout ratio is presently 47.56%.

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.