Advisors Asset Management Inc. Acquires 1,849 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Advisors Asset Management Inc. grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 61.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,842 shares of the bank’s stock after purchasing an additional 1,849 shares during the quarter. Advisors Asset Management Inc.’s holdings in Prosperity Bancshares were worth $349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. LMR Partners LLP acquired a new stake in shares of Prosperity Bancshares in the third quarter worth about $574,000. Swiss National Bank increased its holdings in shares of Prosperity Bancshares by 1.8% during the 3rd quarter. Swiss National Bank now owns 187,367 shares of the bank’s stock valued at $13,504,000 after acquiring an additional 3,300 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Prosperity Bancshares by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock valued at $59,007,000 after acquiring an additional 6,972 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 4.6% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock worth $60,219,000 after purchasing an additional 36,480 shares during the last quarter. Finally, Natixis Advisors LLC boosted its position in Prosperity Bancshares by 9.5% during the third quarter. Natixis Advisors LLC now owns 212,125 shares of the bank’s stock worth $15,288,000 after purchasing an additional 18,424 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $84.17 on Friday. The firm has a market cap of $8.02 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 1.27 and a beta of 0.89. The firm’s 50-day simple moving average is $75.54 and its 200-day simple moving average is $69.49. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data 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 return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same period in the previous year, the business earned $1.20 earnings per share. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share 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. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 2.76%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is 49.26%.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction that occurred 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 transaction, the director now owns 7,525 shares of the company’s stock, valued at $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,100 shares of company stock worth $520,264 over the last three months. 4.28% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent analyst reports. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, November 20th. Barclays lifted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.96.

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.