Brown Advisory Inc. Decreases Stake in Prosperity Bancshares, Inc. $PB

Brown Advisory Inc. decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 11.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,983,424 shares of the bank’s stock after selling 259,817 shares during the period. Brown Advisory Inc.’s holdings in Prosperity Bancshares were worth $139,316,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. XTX Topco Ltd boosted its holdings in shares of Prosperity Bancshares by 62.0% in the 1st quarter. XTX Topco Ltd now owns 4,585 shares of the bank’s stock valued at $327,000 after buying an additional 1,754 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after acquiring an additional 249 shares during the last quarter. Savvy Advisors Inc. acquired a new position in Prosperity Bancshares in the first quarter valued at approximately $4,516,000. Angel Oak Capital Advisors LLC bought a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $714,000. Finally, Invesco Ltd. grew its holdings in shares of Prosperity Bancshares by 4.0% during the first quarter. Invesco Ltd. now owns 235,496 shares of the bank’s stock valued at $16,807,000 after purchasing an additional 9,066 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $67.18, for a total transaction of $40,308.00. Following the transaction, the director owned 44,100 shares in the company, valued at $2,962,638. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harrison Stafford II sold 800 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total value of $56,608.00. Following the sale, the director directly owned 107,937 shares in the company, valued at approximately $7,637,622.12. The trade was a 0.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,100 shares of company stock valued at $1,006,458 over the last quarter. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.23 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $83.77. The firm has a market capitalization of $6.67 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.03 and a beta of 0.70. The stock has a fifty day moving average of $66.08 and a two-hundred day moving average of $68.07.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The business had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 earnings per share. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.35%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Citigroup restated a “neutral” rating and set a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Hovde Group cut Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Royal Bank Of Canada reduced their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Barclays dropped their price objective on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 11th. Finally, TD Cowen lifted their price objective on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

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.