Cullen Frost Bankers Inc. grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 62.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,230 shares of the bank’s stock after buying an additional 59,580 shares during the period. Cullen Frost Bankers Inc. owned approximately 0.23% of Prosperity Bancshares worth $11,159,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Dupont Capital Management Corp grew its stake in shares of Prosperity Bancshares by 38.3% in the third quarter. Dupont Capital Management Corp now owns 7,063 shares of the bank’s stock valued at $499,000 after acquiring an additional 1,956 shares in the last quarter. First Trust Advisors LP raised its stake in Prosperity Bancshares by 94.0% in the 3rd quarter. First Trust Advisors LP now owns 119,763 shares of the bank’s stock worth $8,459,000 after purchasing an additional 58,032 shares in the last quarter. Metropolitan Life Insurance Co NY raised its stake in Prosperity Bancshares by 1.1% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 19,194 shares of the bank’s stock worth $1,356,000 after purchasing an additional 216 shares in the last quarter. Copeland Capital Management LLC raised its stake in Prosperity Bancshares by 1.6% in the 4th quarter. Copeland Capital Management LLC now owns 133,530 shares of the bank’s stock worth $9,599,000 after purchasing an additional 2,047 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in Prosperity Bancshares in the 3rd quarter worth about $347,000. 86.15% of the stock is owned by institutional investors.
PB stock opened at $73.89 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.02. Prosperity Bancshares, Inc. has a 12 month low of $61.85 and a 12 month high of $75.36. The firm has a market cap of $5.02 billion, a P/E ratio of 16.20, a P/E/G ratio of 1.34 and a beta of 1.29. The company’s 50-day moving average price is $70.99 and its two-hundred day moving average price is $69.56.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.49%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is currently 36.65%.
In other news, COO Kevin J. Hanigan bought 3,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were purchased at an average cost of $69.24 per share, with a total value of $207,720.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.86% of the stock is owned by company insiders.
Several analysts have weighed in on the stock. Hovde Group cut shares of Prosperity Bancshares from a “market perform” rating to an “underperform” rating in a research note on Wednesday, December 11th. Raymond James upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price objective for the company in a research note on Thursday, January 30th. ValuEngine cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, December 20th. SunTrust Banks set a $82.00 price objective on shares of Prosperity Bancshares and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Stephens lifted their price objective on shares of Prosperity Bancshares from $75.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 30th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $75.93.
Prosperity Bancshares Company Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to small and medium-sized businesses, and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts. The company also offers 1-4 family residential mortgage, commercial mortgage and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans.
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