Strategic Financial Concepts LLC Makes New $5.46 Million Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 72,506 shares of the bank’s stock, valued at approximately $5,463,000. Strategic Financial Concepts LLC owned 0.08% of Prosperity Bancshares at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Point72 Asset Management L.P. acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at about $16,478,000. Jane Street Group LLC grew its position in shares of Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after purchasing an additional 90,015 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Prosperity Bancshares during the 3rd quarter worth approximately $4,804,000. Vaughan Nelson Investment Management L.P. raised its position in shares of Prosperity Bancshares by 6.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank’s stock worth $67,002,000 after purchasing an additional 53,654 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Prosperity Bancshares by 21.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 272,331 shares of the bank’s stock valued at $19,627,000 after buying an additional 48,719 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $74.12, for a total value of $37,060.00. Following the completion of the sale, the director now owns 109,315 shares in the company, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harrison Stafford II sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares of the company’s stock, valued at approximately $8,578,459.59. This represents a 3.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,600 shares of company stock valued at $1,273,279. Company insiders own 4.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PB shares. Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. UBS Group reduced their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. 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. Wedbush reissued an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $82.88.

Prosperity Bancshares Trading Down 0.3 %

PB stock opened at $77.81 on Monday. The company has a market cap of $7.41 billion, a PE ratio of 15.38, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94. The stock has a 50-day moving average price of $77.79 and a two-hundred day moving average price of $75.75. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

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.