JPMorgan Chase & Co. Increases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

JPMorgan Chase & Co. lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 273,936 shares of the bank’s stock after purchasing an additional 26,122 shares during the period. JPMorgan Chase & Co. owned about 0.29% of Prosperity Bancshares worth $20,641,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of PB. Smartleaf Asset Management LLC lifted its holdings in Prosperity Bancshares by 487.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after purchasing an additional 312 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after buying an additional 409 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after buying an additional 300 shares during the period. GAMMA Investing LLC lifted its stake in shares of Prosperity Bancshares by 20.4% during the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares during the period. Finally, Sunbelt Securities Inc. boosted its position in Prosperity Bancshares by 31.0% during the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock worth $71,000 after acquiring an additional 232 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $79.01, for a total value of $39,505.00. Following the completion of the sale, the director now directly owns 108,315 shares of the company’s stock, valued at $8,557,968.15. The trade was a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 5,500 shares of company stock worth $408,695 in the last ninety days. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Stock Down 5.0 %

Prosperity Bancshares stock opened at $64.05 on Friday. The firm has a fifty day moving average of $73.04 and a 200-day moving average of $75.67. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.76. The firm has a market capitalization of $6.10 billion, a P/E ratio of 12.66, a PEG ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a $0.58 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 3.62%. Prosperity Bancshares’s dividend payout ratio is presently 45.85%.

Analysts Set New Price Targets

Several brokerages have weighed in on PB. Barclays cut their price target on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday. Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Stephens upped their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, UBS Group cut their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $83.35.

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.