DRW Securities LLC Invests $2.03 Million in Prosperity Bancshares, Inc. (NYSE:PB)

DRW Securities LLC bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 28,133 shares of the bank’s stock, valued at approximately $2,028,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quarry LP boosted its stake in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC increased its holdings in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC increased its stake in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after purchasing an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Prosperity Bancshares in the second quarter worth $46,000. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’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 owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 4.28% of the stock is currently owned by insiders.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $84.30 on Monday. The stock has a market cap of $8.03 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.26 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13. The firm has a 50 day simple moving average of $74.83 and a 200-day simple moving average of $69.08.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter last year, the company posted $1.20 EPS. Equities analysts expect 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. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.75%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

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.