Massachusetts Financial Services Co. MA Has $161.13 Million Stock Holdings in Prosperity Bancshares, Inc. $PB

Massachusetts Financial Services Co. MA reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.1% during the 2nd quarter, Holdings Channel.com reports. The fund owned 2,294,053 shares of the bank’s stock after selling 24,599 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Prosperity Bancshares were worth $161,134,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PB. Envestnet Asset Management Inc. boosted its holdings in Prosperity Bancshares by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after purchasing an additional 1,016 shares in the last quarter. CWM LLC lifted its position in shares of Prosperity Bancshares by 6.4% during the 1st quarter. CWM LLC now owns 17,082 shares of the bank’s stock worth $1,219,000 after buying an additional 1,032 shares during the period. Forum Financial Management LP boosted its stake in Prosperity Bancshares by 6.2% in the 1st quarter. Forum Financial Management LP now owns 3,407 shares of the bank’s stock valued at $243,000 after buying an additional 200 shares in the last quarter. Impact Partnership Wealth LLC acquired a new stake in Prosperity Bancshares in the 1st quarter valued at $242,000. Finally, Los Angeles Capital Management LLC grew its position in Prosperity Bancshares by 15.3% in the first quarter. Los Angeles Capital Management LLC now owns 74,302 shares of the bank’s stock valued at $5,303,000 after acquiring an additional 9,887 shares during the period. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $67.36, for a total transaction of $40,416.00. Following the completion of the sale, the director owned 44,400 shares in the company, valued at $2,990,784. The trade was a 1.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have sold 14,300 shares of company stock valued at $950,368. 4.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PB. Stephens lifted their price objective on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Royal Bank Of Canada dropped their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research report on Friday, October 10th. Hovde Group reduced their price target on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Finally, Barclays cut their target price on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $80.21.

Prosperity Bancshares Price Performance

PB stock opened at $66.78 on Monday. The company has a 50 day moving average price of $65.60 and a 200 day moving average price of $68.32. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $86.75. The stock has a market capitalization of $6.34 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the previous year, the company posted $1.34 earnings per share. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, December 15th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio is currently 42.78%.

About Prosperity Bancshares

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.