New England Research & Management Inc. Invests $212,000 in Prosperity Bancshares, Inc. (NYSE:PB)

New England Research & Management Inc. purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,975 shares of the bank’s stock, valued at approximately $212,000.

Other hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its position in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock valued at $28,000 after acquiring an additional 312 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock valued at $39,000 after acquiring an additional 409 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock valued at $69,000 after acquiring an additional 713 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock valued at $76,000 after acquiring an additional 195 shares during the last quarter. Finally, Quarry LP purchased a new stake in Prosperity Bancshares during the fourth quarter valued at approximately $88,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $70.31, for a total transaction of $35,155.00. Following the completion of the transaction, the director now owns 99,915 shares in the company, valued at $7,025,023.65. The trade was a 0.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 7,800 shares of company stock worth $542,975 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $67.57 on Friday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 13.35, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68. The company has a 50 day moving average price of $68.94 and a 200 day moving average price of $73.58. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate 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 quarter in the previous year, the business posted $1.18 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 44.19%.

Analyst Ratings Changes

A number of equities research analysts recently commented on PB shares. Keefe, Bruyette & Woods decreased their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Barclays decreased their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada decreased their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Finally, Hovde Group decreased their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares 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.