Prosperity Bancshares, Inc. $PB Shares Sold by Prospector Partners LLC

Prospector Partners LLC lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 281,703 shares of the bank’s stock after selling 8,175 shares during the period. Prosperity Bancshares makes up 2.2% of Prospector Partners LLC’s portfolio, making the stock its 11th biggest position. Prospector Partners LLC owned approximately 0.30% of Prosperity Bancshares worth $18,691,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Mather Group LLC. bought a new position in Prosperity Bancshares in the 3rd quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Prosperity Bancshares in the 3rd quarter worth approximately $42,000. Employees Retirement System of Texas bought a new position in Prosperity Bancshares in the 2nd quarter worth approximately $48,000. Osaic Holdings Inc. increased its position in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after acquiring an additional 186 shares during the period. Finally, Cornerstone Planning Group LLC raised its stake in Prosperity Bancshares by 18,633.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock valued at $75,000 after acquiring an additional 1,118 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $76.07, for a total transaction of $45,642.00. Following the sale, the director owned 41,900 shares in the company, valued at approximately $3,187,333. The trade was a 1.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 15,050 shares of company stock worth $1,073,264 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $73.23 on Thursday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $78.99. The company has a market capitalization of $6.96 billion, a P/E ratio of 12.78, a PEG ratio of 1.02 and a beta of 0.67. The company’s 50 day simple moving average is $71.85 and its 200 day simple moving average is $68.59.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The firm had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same quarter in the previous year, the business posted $1.37 earnings per share. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PB shares. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Hovde Group increased their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Janney Montgomery Scott lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Finally, Piper Sandler cut shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $78.77.

Prosperity Bancshares 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.