Prosperity Bancshares, Inc. $PB Shares Sold by Leeward Investments LLC MA

Leeward Investments LLC MA trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB) by 5.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 194,580 shares of the bank’s stock after selling 11,968 shares during the period. Leeward Investments LLC MA’s holdings in Prosperity Bancshares were worth $12,883,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Prosperity Bancshares in the second quarter worth approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $350,099,000. Algebris UK Ltd. acquired a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $59,465,000. Bank of New York Mellon Corp purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $57,877,000. Finally, North Reef Capital Management LP lifted its position in shares of Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after acquiring an additional 662,877 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on PB. Royal Bank Of Canada decreased their price objective on shares of Prosperity Bancshares from $80.00 to $77.00 and set a “sector perform” rating for the company in a research note on Friday, October 9th. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Cantor Fitzgerald cut their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Morgan Stanley increased their target price on Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a report on Monday, September 28th. Finally, Raymond James Financial upgraded Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 target price for the company in a report on Tuesday, October 6th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $77.55.

Prosperity Bancshares Trading Up 0.1%

Shares of NYSE PB opened at $69.56 on Monday. Prosperity Bancshares, Inc. has a one year low of $62.58 and a one year high of $77.20. The firm has a market capitalization of $7.02 billion, a PE ratio of 12.06, a PEG ratio of 0.77 and a beta of 0.66. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $69.78 and a two-hundred day moving average price of $70.55.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.42 EPS. As a group, analysts predict that Prosperity Bancshares, Inc. will post 6.46 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 Monday, January 4th. Stockholders of record on Tuesday, December 15th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.7%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Tuesday, December 15th. Prosperity Bancshares’s payout ratio is currently 41.59%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 21st. The shares were sold at an average price of $68.25, for a total transaction of $34,125.00. Following the completion of the sale, the director directly owned 66,115 shares in the company, valued at approximately $4,512,348.75. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 13,800 shares of company stock worth $977,902 in the last ninety days. Company insiders own 3.96% of the company’s stock.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.