GAMMA Investing LLC Acquires 69,313 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 8,212.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 70,157 shares of the bank’s stock after purchasing an additional 69,313 shares during the period. GAMMA Investing LLC owned 0.07% of Prosperity Bancshares worth $5,007,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc raised its holdings in shares of Prosperity Bancshares by 9.2% during the first quarter. Versant Capital Management Inc now owns 11,354 shares of the bank’s stock worth $810,000 after purchasing an additional 956 shares during the last quarter. First Hawaiian Bank grew its position in shares of Prosperity Bancshares by 10.6% in the first quarter. First Hawaiian Bank now owns 5,102 shares of the bank’s stock valued at $364,000 after purchasing an additional 490 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Prosperity Bancshares by 9.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,801 shares of the bank’s stock valued at $512,000 after purchasing an additional 608 shares during the period. Forum Financial Management LP acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at about $242,000. Finally, GTS Securities LLC acquired a new stake in shares of Prosperity Bancshares in the fourth quarter valued at about $303,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 1.0%

Shares of Prosperity Bancshares stock opened at $70.94 on Wednesday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The stock has a market cap of $6.76 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. The company has a 50-day moving average of $68.63 and a two-hundred day moving average of $73.90.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to analysts’ expectations of $307.17 million. During the same period last year, the company posted $1.18 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.27%. Prosperity Bancshares’s dividend payout ratio (DPR) is 44.19%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $72.12, for a total transaction of $36,060.00. Following the completion of the transaction, the director now directly owns 103,815 shares of the company’s stock, valued at $7,487,137.80. This trade represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 6,700 shares of company stock valued at $465,634 in the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

PB has been the topic of several recent analyst reports. Morgan Stanley decreased their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Keefe, Bruyette & Woods cut their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, May 5th. Barclays cut their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Finally, Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average target price of $83.80.

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.