Prosperity Bancshares, Inc. $PB Stock Position Trimmed by Brown Advisory Inc.

Brown Advisory Inc. cut its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,006,168 shares of the bank’s stock after selling 20,079 shares during the quarter. Brown Advisory Inc.’s holdings in Prosperity Bancshares were worth $138,646,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Prosperity Bancshares by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after purchasing an additional 140,035 shares during the last quarter. State Street Corp raised its position in shares of Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after buying an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after buying an additional 28,994 shares in the last quarter. Morgan Stanley raised its position in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock worth $254,316,000 after buying an additional 15,192 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Prosperity Bancshares by 43.6% during the 3rd quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock worth $226,531,000 after buying an additional 1,038,246 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings downgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Cantor Fitzgerald boosted their price target on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. TD Cowen boosted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley dropped their price target on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Five research 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, Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $76.82.

Prosperity Bancshares Stock Performance

Shares of PB opened at $72.64 on Friday. The firm’s 50 day moving average is $68.95 and its 200-day moving average is $69.80. The stock has a market capitalization of $7.33 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.11 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

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

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s payout ratio is currently 43.48%.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $64.29, for a total value of $38,574.00. Following the transaction, the director directly owned 41,400 shares of the company’s stock, valued at $2,661,606. This trade represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 14,300 shares of company stock valued at $978,402. Insiders own 3.96% of the company’s stock.

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.