Oak Thistle LLC Invests $736,000 in Prosperity Bancshares, Inc. (NYSE:PB)

Oak Thistle LLC acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 9,774 shares of the bank’s stock, valued at approximately $736,000.

A number of other institutional investors also recently added to or reduced their stakes in PB. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares during the period. Quest Partners LLC raised its position in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Headlands Technologies LLC purchased a new position in Prosperity Bancshares in the second quarter worth $46,000. GAMMA Investing LLC lifted its holdings in Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after acquiring an additional 227 shares during the period. Finally, First Horizon Advisors Inc. grew its stake in shares of Prosperity Bancshares by 190.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after purchasing an additional 534 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wedbush reiterated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. Barclays boosted their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Finally, DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $81.38.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $78.73 on Thursday. The firm’s 50-day moving average is $79.33 and its two-hundred day moving average is $73.67. The stock has a market capitalization of $7.50 billion, a P/E ratio of 16.72, a P/E/G ratio of 1.19 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for 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 earned $1.20 earnings per share. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Insider Activity

In other news, Director Harrison Stafford II sold 4,000 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $80.07, for a total value of $320,280.00. Following the transaction, the director now owns 107,137 shares of the company’s stock, valued at approximately $8,578,459.59. This trade represents a 3.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the transaction, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,600 shares of company stock valued at $1,117,424 over the last quarter. Company insiders own 4.28% of the company’s stock.

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.