Prosperity Bancshares, Inc. $PB Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,224 shares of the bank’s stock after selling 2,437 shares during the period. Summit Investment Advisors Inc.’s holdings in Prosperity Bancshares were worth $2,157,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in shares of Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock valued at $334,595,000 after acquiring an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock valued at $230,739,000 after purchasing an additional 412,283 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Prosperity Bancshares by 14.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,269,634 shares of the bank’s stock valued at $89,179,000 after buying an additional 157,060 shares during the period. AQR Capital Management LLC grew its position in shares of Prosperity Bancshares by 56.2% during the first quarter. AQR Capital Management LLC now owns 866,223 shares of the bank’s stock worth $61,008,000 after buying an additional 311,698 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Prosperity Bancshares during the first quarter worth approximately $25,491,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $67.50 on Monday. The company has a market capitalization of $6.41 billion, a P/E ratio of 12.03, a PEG ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $86.75. The stock has a 50-day simple moving average of $65.78 and a 200-day simple moving average of $68.35.

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

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a $0.60 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.6%. Prosperity Bancshares’s payout ratio is currently 42.78%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $66.83, for a total transaction of $33,415.00. Following the transaction, the director directly owned 89,415 shares of the company’s stock, valued at approximately $5,975,604.45. This trade represents a 0.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last ninety days, insiders have sold 14,300 shares of company stock worth $951,046. 4.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on PB. Royal Bank Of Canada lowered their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Stephens boosted their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $77.00 price objective (up from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Finally, TD Cowen increased their price objective on Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a report on Friday, October 31st. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $80.50.

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.