Summit Investment Advisors Inc. Has $2.46 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Summit Investment Advisors Inc. lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,661 shares of the bank’s stock after selling 379 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Prosperity Bancshares were worth $2,461,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PB. Blue Trust Inc. grew its stake in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after buying an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock worth $229,000 after purchasing an additional 128 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 20.4% during the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Prosperity Bancshares by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after purchasing an additional 194 shares during the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 23.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock worth $76,000 after purchasing an additional 195 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 1.3 %

Shares of NYSE:PB opened at $65.65 on Tuesday. The firm has a market capitalization of $6.25 billion, a PE ratio of 12.97, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The business’s 50 day moving average is $72.43 and its 200-day moving average is $75.62.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate 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, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were given a dividend of $0.58 per share. The ex-dividend date was Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.53%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 45.85%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total value of $31,810.00. Following the sale, the director now owns 102,815 shares of the company’s stock, valued at $6,541,090.30. The trade was a 0.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 5,500 shares of company stock valued at $408,695 over the last quarter. 4.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PB. Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Raymond James upped their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Barclays lowered their price target on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, April 10th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.35.

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.