Legal & General Group Plc Sells 36,282 Shares of Prosperity Bancshares, Inc. $PB

Legal & General Group Plc cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 19.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,998 shares of the bank’s stock after selling 36,282 shares during the period. Legal & General Group Plc’s holdings in Prosperity Bancshares were worth $10,159,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Hantz Financial Services Inc. grew its position in Prosperity Bancshares by 61.3% during the 4th quarter. Hantz Financial Services Inc. now owns 1,962 shares of the bank’s stock worth $136,000 after acquiring an additional 746 shares during the last quarter. North Star Asset Management Inc. lifted its holdings in Prosperity Bancshares by 2.4% during the 4th quarter. North Star Asset Management Inc. now owns 229,378 shares of the bank’s stock worth $15,852,000 after buying an additional 5,435 shares in the last quarter. Prospera Financial Services Inc lifted its holdings in Prosperity Bancshares by 86.9% during the 4th quarter. Prospera Financial Services Inc now owns 7,509 shares of the bank’s stock worth $519,000 after buying an additional 3,492 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Prosperity Bancshares by 12.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,561 shares of the bank’s stock worth $246,000 after buying an additional 391 shares in the last quarter. Finally, Stieven Capital Advisors L.P. lifted its holdings in Prosperity Bancshares by 50.2% during the 4th quarter. Stieven Capital Advisors L.P. now owns 178,658 shares of the bank’s stock worth $12,347,000 after buying an additional 59,700 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

PB stock opened at $68.90 on Friday. The business’s fifty day moving average is $68.43 and its 200-day moving average is $69.63. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a market cap of $6.95 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.03 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.37 EPS. Equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.27 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a $0.60 dividend. The ex-dividend date is Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio is currently 43.48%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.70, for a total value of $33,850.00. Following the completion of the sale, the director owned 76,115 shares in the company, valued at $5,152,985.50. This represents a 0.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have sold 14,300 shares of company stock valued at $972,475. 3.96% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Morgan Stanley reduced their price objective on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. TD Cowen upped their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Piper Sandler upped their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Citigroup upped their price objective on Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Five research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $76.82.

About Prosperity Bancshares

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.