Prosperity Bancshares, Inc. $PB Stake Lessened by Prospector Partners LLC

Prospector Partners LLC lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.8% in the 3rd quarter, according to the company in its most recent disclosure 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 comprises approximately 2.2% of Prospector Partners LLC’s portfolio, making the stock its 11th biggest position. Prospector Partners LLC’s holdings in Prosperity Bancshares were worth $18,691,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PB. AQR Capital Management LLC boosted its position in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after acquiring an additional 1,516,939 shares during the period. American Century Companies Inc. lifted its position in shares of Prosperity Bancshares by 4,674.9% in the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock worth $100,227,000 after purchasing an additional 1,397,033 shares in the last quarter. Norges Bank acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $53,398,000. Vanguard Group Inc. boosted its holdings in shares of Prosperity Bancshares by 4.8% during the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after purchasing an additional 465,227 shares during the period. Finally, Algebris UK Ltd. grew its position in Prosperity Bancshares by 128.5% during the third quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock valued at $35,253,000 after purchasing an additional 299,064 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PB. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Stephens upped 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. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Barclays downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Finally, Piper Sandler lowered Prosperity Bancshares from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $78.77.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total value of $76,650.00. Following the transaction, the director owned 8,075 shares of the company’s stock, valued at $589,475. This trade represents a 11.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total transaction of $56,608.00. Following the sale, the director directly owned 107,937 shares of the company’s stock, valued at approximately $7,637,622.12. This represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 15,050 shares of company stock worth $1,073,264 over the last 90 days. 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 fifty-two week low of $61.06 and a fifty-two week high of $78.99. The stock’s 50-day moving average is $71.85 and its two-hundred day moving average is $68.59. The firm has a market cap of $6.96 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.02 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last released 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. The company had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.37 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders 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 yield of 3.3%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.88%.

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.