Port Capital LLC Has $37.71 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Port Capital LLC increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 523,243 shares of the bank’s stock after buying an additional 1,450 shares during the period. Prosperity Bancshares accounts for approximately 1.7% of Port Capital LLC’s holdings, making the stock its 28th biggest position. Port Capital LLC owned about 0.55% of Prosperity Bancshares worth $37,710,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position 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 worth $262,141,000 after buying an additional 532,241 shares during the period. Victory Capital Management Inc. raised its holdings in Prosperity Bancshares by 3.0% in the 2nd 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 in the last quarter. Amarillo National Bank bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $8,520,000. Thrivent Financial for Lutherans raised 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 valued at $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Prosperity Bancshares by 52.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after purchasing an additional 77,039 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction on Friday, November 22nd. The shares were 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 approximately $626,381. The trade was a 12.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at $19,890,934.50. This represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,600 shares of company stock valued at $562,594 over the last quarter. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of several analyst reports. Barclays boosted their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Hovde Group upped their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.95.

Prosperity Bancshares Trading Down 0.4 %

NYSE:PB opened at $83.34 on Wednesday. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75. The firm has a 50 day moving average of $76.42 and a 200-day moving average of $70.09. The stock has a market capitalization of $7.94 billion, a P/E ratio of 17.69, a price-to-earnings-growth ratio of 1.25 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last issued 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. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the business posted $1.20 earnings per share. As a group, 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 $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.78%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 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.