First Horizon Advisors Inc. Increases Position in Prosperity Bancshares, Inc. (NYSE:PB)

First Horizon Advisors Inc. boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 190.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 815 shares of the bank’s stock after buying an additional 534 shares during the quarter. First Horizon Advisors Inc.’s holdings in Prosperity Bancshares were worth $59,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its stake in Prosperity Bancshares by 61.8% in the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock worth $349,000 after acquiring an additional 1,849 shares during the period. LMR Partners LLP purchased a new position in Prosperity Bancshares in the third quarter worth about $574,000. Swiss National Bank increased its holdings in shares of Prosperity Bancshares by 1.8% in the 3rd quarter. Swiss National Bank now owns 187,367 shares of the bank’s stock worth $13,504,000 after purchasing an additional 3,300 shares in the last quarter. Thrivent Financial for Lutherans raised its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after buying an additional 6,972 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Prosperity Bancshares by 4.6% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after purchasing an additional 36,480 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB opened at $84.30 on Monday. The stock has a market capitalization of $8.03 billion, a PE ratio of 17.90, a P/E/G ratio of 1.23 and a beta of 0.89. The company’s fifty day moving average is $74.83 and its 200 day moving average is $69.08. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $85.13.

Prosperity Bancshares (NYSE:PB) last issued its quarterly 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. 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 during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.75%. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research reports. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Wedbush reaffirmed an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Barclays boosted their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $78.96.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on 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 directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.28% of the stock is currently owned by corporate insiders.

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.