10,000 Shares in Prosperity Bancshares, Inc. $PB Bought by JCSD Capital LLC

JCSD Capital LLC acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, Holdings Channel reports. The institutional investor acquired 10,000 shares of the bank’s stock, valued at approximately $702,000. Prosperity Bancshares accounts for 0.9% of JCSD Capital LLC’s portfolio, making the stock its 15th largest holding.

A number of other institutional investors have also recently added to or reduced their stakes in PB. AE Wealth Management LLC increased its stake in Prosperity Bancshares by 3.8% during the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after buying an additional 172 shares in the last quarter. Savant Capital LLC raised its position in Prosperity Bancshares by 17.1% in the second quarter. Savant Capital LLC now owns 7,180 shares of the bank’s stock valued at $504,000 after purchasing an additional 1,050 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Prosperity Bancshares by 19.3% during the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock worth $84,000 after purchasing an additional 193 shares in the last quarter. Bryce Point Capital LLC purchased a new position in Prosperity Bancshares in the second quarter valued at $832,000. Finally, Cambiar Investors LLC grew its position in shares of Prosperity Bancshares by 453.9% during the second quarter. Cambiar Investors LLC now owns 143,207 shares of the bank’s stock worth $10,059,000 after buying an additional 117,355 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PB. Royal Bank Of Canada cut their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research note on Friday, October 10th. Weiss Ratings restated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Citigroup reissued a “neutral” rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Stephens raised their price objective on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Finally, Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Friday, October 31st. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Prosperity Bancshares Stock Up 2.0%

PB opened at $67.50 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $86.75. The business has a 50 day moving average price of $65.78 and a two-hundred day moving average price of $68.34. The company has a market cap of $6.41 billion, a PE ratio of 12.03, a P/E/G ratio of 0.97 and a beta of 0.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The firm had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. Prosperity Bancshares’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the firm posted $1.34 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.78%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $67.91, for a total value of $40,746.00. Following the completion of the sale, the director owned 44,500 shares in the company, valued at $3,021,995. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 14,300 shares of company stock worth $951,046 over the last three months. Corporate insiders own 4.20% 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.