Verition Fund Management LLC Raises Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Verition Fund Management LLC boosted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 834,701 shares of the bank’s stock after purchasing an additional 3,978 shares during the period. Prosperity Bancshares comprises 0.3% of Verition Fund Management LLC’s investment portfolio, making the stock its 21st largest position. Verition Fund Management LLC’s holdings in Prosperity Bancshares were worth $60,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares during the period. Victory Capital Management Inc. increased its position in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the period. Amarillo National Bank purchased a new position in shares of Prosperity Bancshares in the second quarter valued at about $8,520,000. Thrivent Financial for Lutherans raised its stake in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Prosperity Bancshares by 52.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after purchasing an additional 77,039 shares during the period. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,100 shares of company stock valued at $520,264. Insiders own 4.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Barclays boosted their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $84.17 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.75. The firm has a 50-day moving average of $75.73 and a 200 day moving average of $69.60. The stock has a market cap of $8.02 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 1.25 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the business earned $1.20 earnings per share. Research analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.76%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is 47.56%.

Prosperity Bancshares 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.