Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Algert Global LLC

Algert Global LLC lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 48.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 22,255 shares of the bank’s stock after selling 21,160 shares during the quarter. Algert Global LLC’s holdings in Prosperity Bancshares were worth $1,604,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its holdings in shares of Prosperity Bancshares by 22.6% during the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock valued at $453,000 after acquiring an additional 1,157 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after buying an additional 6,518 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after buying an additional 534 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Prosperity Bancshares by 61.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after acquiring an additional 1,849 shares in the last quarter. Finally, LMR Partners LLP acquired a new stake in Prosperity Bancshares in the 3rd quarter valued at about $574,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.7 %

Shares of NYSE PB opened at $84.15 on Thursday. The business’s 50 day moving average is $75.31 and its two-hundred day moving average is $69.39. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The firm has a market cap of $8.02 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 1.27 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same quarter in the previous year, the business earned $1.20 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the transaction, the director now directly owns 7,525 shares of the company’s stock, valued at $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,100 shares of company stock valued at $520,264. 4.28% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PB shares. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Barclays lifted their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Finally, StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.