Sanctuary Advisors LLC Buys New Shares in Prosperity Bancshares, Inc. (NYSE:PB)

Sanctuary Advisors LLC bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,165 shares of the bank’s stock, valued at approximately $372,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PB. Los Angeles Capital Management LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter valued at approximately $4,804,000. Prospector Partners LLC raised its holdings in shares of Prosperity Bancshares by 24.6% during the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock valued at $16,503,000 after acquiring an additional 45,177 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the period. US Bancorp DE raised its holdings in shares of Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after acquiring an additional 90,015 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Leah Henderson sold 1,100 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,100 shares of company stock worth $1,004,719 in the last quarter. 4.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PB has been the topic of a number of recent analyst reports. Barclays boosted their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. UBS Group dropped their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $75.43 on Friday. The company has a 50-day moving average of $78.88 and a 200-day moving average of $71.99. The company has a market capitalization of $7.19 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week 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 business had revenue of $459.00 million during the quarter, compared to analysts’ expectations 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 company posted $1.20 EPS. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors 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 represents a $2.32 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 49.26%.

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.