Corient Private Wealth LLC Acquires 6,282 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Corient Private Wealth LLC grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 12.5% in the fourth quarter, Holdings Channel reports. The firm owned 56,506 shares of the bank’s stock after buying an additional 6,282 shares during the quarter. Corient Private Wealth LLC’s holdings in Prosperity Bancshares were worth $4,263,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Prospector Partners LLC increased its holdings in shares of Prosperity Bancshares by 24.6% in the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after purchasing an additional 45,177 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth $372,000. Jane Street Group LLC grew its holdings in shares of Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock worth $8,039,000 after acquiring an additional 90,015 shares during the period. Stifel Financial Corp grew its holdings in shares of Prosperity Bancshares by 4.3% in the third quarter. Stifel Financial Corp now owns 113,293 shares of the bank’s stock worth $8,165,000 after acquiring an additional 4,677 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Prosperity Bancshares by 3.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 282,920 shares of the bank’s stock worth $21,128,000 after acquiring an additional 10,589 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.1 %

NYSE:PB opened at $70.49 on Friday. The company has a market capitalization of $6.71 billion, a P/E ratio of 13.93, a P/E/G ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The business’s 50-day moving average is $76.43 and its 200 day moving average is $76.15.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.29%. Prosperity Bancshares’s dividend payout ratio is currently 45.85%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $70.86, for a total transaction of $35,430.00. Following the sale, the director now directly owns 104,315 shares of the company’s stock, valued at $7,391,760.90. The trade was a 0.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 5,500 shares of company stock worth $418,095. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent research reports. UBS Group cut their price target on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. Raymond James boosted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Barclays boosted their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Morgan Stanley cut their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $83.50.

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.