Tidal Investments LLC Acquires 209 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Tidal Investments LLC grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 5.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,875 shares of the bank’s stock after acquiring an additional 209 shares during the period. Tidal Investments LLC’s holdings in Prosperity Bancshares were worth $279,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC boosted its position in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Prosperity Bancshares in the 2nd quarter worth $43,000. Headlands Technologies LLC bought a new position in Prosperity Bancshares during the second quarter valued at about $46,000. Finally, GAMMA Investing LLC boosted its position in shares of Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after acquiring an additional 227 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In related news, Director Harrison Stafford II sold 4,000 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $80.07, for a total value of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares of the company’s stock, valued at $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares of the company’s stock, valued at $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,100 shares of company stock worth $1,004,719 in the last three months. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Performance

PB opened at $76.19 on Wednesday. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The firm’s fifty day moving average is $78.81 and its two-hundred day moving average is $71.94. The firm has a market cap of $7.26 billion, a PE ratio of 16.18, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the company earned $1.20 earnings per share. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.05%. 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. Prosperity Bancshares’s payout ratio is currently 49.26%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PB. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. Wedbush restated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Barclays raised their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $82.05.

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.