Lakeridge Wealth Management LLC Acquires New Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Lakeridge Wealth Management LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,772 shares of the bank’s stock, valued at approximately $209,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Blue Trust Inc. boosted its stake in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after purchasing an additional 128 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares during the period. M&T Bank Corp lifted its holdings in Prosperity Bancshares by 0.3% in the third quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after buying an additional 149 shares during the period. US Bancorp DE boosted its position in Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the last quarter. Finally, Savant Capital LLC grew its holdings in Prosperity Bancshares by 4.6% during the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank’s stock worth $339,000 after acquiring an additional 197 shares during the period. Institutional investors own 80.69% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $78.30, for a total value of $39,150.00. Following the sale, the director now owns 106,815 shares in the company, valued at $8,363,614.50. The trade was a 0.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,600 shares of company stock valued at $1,273,279 over the last ninety days. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB opened at $77.81 on Friday. The firm has a market capitalization of $7.41 billion, a P/E ratio of 15.38, a P/E/G ratio of 0.98 and a beta of 0.94. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The stock has a 50 day moving average price of $77.79 and a two-hundred day moving average price of $75.72.

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, topping 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 forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 2.98%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Analysts Set New Price Targets

PB has been the topic of several research analyst reports. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 target price on the stock in a research report on Tuesday, January 7th. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James boosted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Friday, January 31st. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.88.

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.