Port Capital LLC Has $36.44 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Port Capital LLC lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 501,355 shares of the bank’s stock after acquiring an additional 22,718 shares during the quarter. Prosperity Bancshares makes up 2.6% of Port Capital LLC’s portfolio, making the stock its 17th biggest holding. Port Capital LLC owned 0.55% of Prosperity Bancshares worth $36,438,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. ExodusPoint Capital Management LP bought a new stake in Prosperity Bancshares in the third quarter worth $883,000. Principal Financial Group Inc. boosted its holdings in Prosperity Bancshares by 0.7% in the fourth quarter. Principal Financial Group Inc. now owns 357,739 shares of the bank’s stock worth $26,000,000 after purchasing an additional 2,421 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Prosperity Bancshares by 18.6% in the fourth quarter. Parallel Advisors LLC now owns 2,629 shares of the bank’s stock worth $191,000 after purchasing an additional 412 shares in the last quarter. Maryland State Retirement & Pension System bought a new stake in Prosperity Bancshares in the fourth quarter worth $521,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Prosperity Bancshares by 1.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock worth $1,459,000 after purchasing an additional 287 shares in the last quarter. 81.32% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Prosperity Bancshares news, Director L. Jack Lord purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was purchased at an average price of $62.04 per share, with a total value of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB opened at $58.96 on Thursday. The company has a 50-day simple moving average of $60.17 and a 200-day simple moving average of $67.26. The firm has a market capitalization of $5.56 billion, a P/E ratio of 10.22, a P/E/G ratio of 1.12 and a beta of 0.96. Prosperity Bancshares, Inc. has a 52 week low of $55.95 and a 52 week high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its quarterly earnings data on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. The business had revenue of $365.58 million during the quarter, compared to analyst estimates of $285.02 million. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. During the same quarter in the prior year, the business earned $1.33 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.37 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.73%. The ex-dividend date of this dividend is Wednesday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 38.13%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PB shares. DA Davidson upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Monday, March 13th. Wolfe Research upgraded shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target for the company in a report on Wednesday, May 3rd. Janney Montgomery Scott upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target for the company in a report on Monday, March 13th. Raymond James decreased their price target on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday, April 6th. Finally, Morgan Stanley cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and upped their price target for the company from $58.00 to $60.00 in a report on Tuesday, May 16th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $73.73.

About Prosperity Bancshares

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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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