Jacobs Asset Management LLC Cuts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Jacobs Asset Management LLC cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 92.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,002 shares of the bank’s stock after selling 73,998 shares during the period. Jacobs Asset Management LLC’s holdings in Prosperity Bancshares were worth $433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also modified their holdings of PB. Price T Rowe Associates Inc. MD increased its stake in Prosperity Bancshares by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock valued at $3,329,000 after purchasing an additional 2,706 shares during the period. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Prosperity Bancshares by 394.8% during the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after purchasing an additional 9,148 shares during the period. Amarillo National Bank bought a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $8,520,000. Finally, Kwmg LLC boosted its stake in Prosperity Bancshares by 8.8% during the second quarter. Kwmg LLC now owns 90,225 shares of the bank’s stock worth $5,516,000 after buying an additional 7,314 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.0 %

Prosperity Bancshares stock opened at $83.71 on Tuesday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The company has a market capitalization of $7.97 billion, a PE ratio of 17.77, a PEG ratio of 1.25 and a beta of 0.92. The firm’s fifty day moving average is $76.18 and its 200 day moving average is $69.96.

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

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.77%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,600 shares of company stock valued at $562,594. 4.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PB. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research note on Tuesday, September 17th. Finally, Barclays boosted their price target on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average price target of $79.95.

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.