Massachusetts Financial Services Co. MA Sells 36,844 Shares of Prosperity Bancshares, Inc. $PB

Massachusetts Financial Services Co. MA decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,257,209 shares of the bank’s stock after selling 36,844 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Prosperity Bancshares were worth $149,766,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PB. Parallel Advisors LLC lifted its position in Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after acquiring an additional 141 shares in the last quarter. Bfsg LLC increased its holdings in shares of Prosperity Bancshares by 5.1% in the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after purchasing an additional 164 shares in the last quarter. AE Wealth Management LLC raised its stake in shares of Prosperity Bancshares by 3.8% in the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after purchasing an additional 172 shares during the last quarter. Osaic Holdings Inc. lifted its holdings in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Prosperity Bancshares by 19.3% during the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock valued at $84,000 after buying an additional 193 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $71.70, for a total transaction of $35,850.00. Following the completion of the sale, the director owned 84,415 shares of the company’s stock, valued at $6,052,555.50. The trade was a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 15,050 shares of company stock worth $1,046,016. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.3%

NYSE PB opened at $72.18 on Wednesday. The company has a 50-day moving average price of $70.15 and a 200-day moving average price of $68.35. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $82.75. The firm has a market capitalization of $6.86 billion, a P/E ratio of 12.87, a PEG ratio of 0.95 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million during the quarter, compared to analyst estimates of $317.94 million. During the same period in the previous year, the business posted $1.34 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PB. Hovde Group lowered Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Stephens lifted their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Piper Sandler dropped their target price on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.75.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.