Country Club Bank Has $6.10 Million Holdings in Prosperity Bancshares, Inc. $PB

Country Club Bank lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 17.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 92,421 shares of the bank’s stock after acquiring an additional 13,557 shares during the quarter. Country Club Bank owned approximately 0.10% of Prosperity Bancshares worth $6,097,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Steph & Co. acquired a new stake in Prosperity Bancshares during the 2nd quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares during the first quarter valued at $48,000. Employees Retirement System of Texas purchased a new position in shares of Prosperity Bancshares during the second quarter valued at $48,000. Osaic Holdings Inc. raised its position in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares during the period. Finally, IFP Advisors Inc lifted its stake in Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after acquiring an additional 901 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.5%

NYSE PB opened at $71.85 on Thursday. The stock has a market capitalization of $6.82 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.05 and a beta of 0.70. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $82.75. The company has a 50 day moving average price of $67.13 and a two-hundred day moving average price of $68.14.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business 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 firm earned $1.34 EPS. Prosperity Bancshares’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio is 42.78%.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $71.98, for a total transaction of $35,990.00. Following the completion of the sale, the director owned 86,415 shares in the company, valued at approximately $6,220,151.70. This represents a 0.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harrison Stafford II sold 800 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the transaction, the director directly owned 107,937 shares in the company, valued at approximately $7,637,622.12. This represents a 0.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,150 shares of company stock valued at $1,094,667 over the last quarter. Insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on PB shares. Barclays lowered their target price on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Royal Bank Of Canada lowered their price objective on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a research report on Friday, October 10th. Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Hovde Group lowered shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Finally, Piper Sandler lowered their price target on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $80.21.

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.