Hodges Capital Management Inc. Has $10.11 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Hodges Capital Management Inc. raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.4% in the third quarter, Holdings Channel.com reports. The firm owned 140,329 shares of the bank’s stock after buying an additional 4,648 shares during the period. Hodges Capital Management Inc.’s holdings in Prosperity Bancshares were worth $10,114,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings 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 purchasing an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after buying an additional 6,518 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after buying an additional 19,224 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Prosperity Bancshares by 4.6% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock worth $60,219,000 after buying an additional 36,480 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,100 shares of company stock valued at $604,114. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Down 0.3 %

Shares of NYSE:PB opened at $81.93 on Friday. The company has a 50-day moving average price of $77.11 and a two-hundred day moving average price of $70.43. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The firm has a market capitalization of $7.80 billion, a PE ratio of 17.39, a P/E/G ratio of 1.24 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the previous year, the business earned $1.20 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share 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 paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.83%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 47.56%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PB shares. Hovde Group increased their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Raymond James downgraded 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. Wolfe Research reiterated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.68.

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.