Inspire Investing LLC Has $401,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

Inspire Investing LLC lessened its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,326 shares of the bank’s stock after selling 402 shares during the quarter. Inspire Investing LLC’s holdings in Prosperity Bancshares were worth $401,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP increased its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after acquiring an additional 227 shares during the period. First Horizon Advisors Inc. boosted its stake in Prosperity Bancshares by 190.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after purchasing an additional 554 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $74.12, for a total value of $37,060.00. Following the completion of the transaction, the director now directly owns 109,315 shares of the company’s stock, valued at approximately $8,102,427.80. This trade represents a 0.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,600 shares of company stock valued at $1,196,144 in the last three months. 4.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PB has been the topic of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wedbush reiterated an “outperform” rating and set a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. Barclays raised their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Finally, UBS Group lowered their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and a consensus target price of $81.38.

Prosperity Bancshares Stock Up 0.9 %

Shares of PB opened at $79.13 on Monday. The company has a 50 day moving average of $78.93 and a 200-day moving average of $74.67. The stock has a market capitalization of $7.54 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.11 and a beta of 0.93. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 2.93%. Prosperity Bancshares’s payout ratio is currently 49.26%.

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.