Massachusetts Financial Services Co. MA Sells 36,844 Shares of Prosperity Bancshares, Inc. $PB

Massachusetts Financial Services Co. MA decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,257,209 shares of the bank’s stock after selling 36,844 shares during the period. Massachusetts Financial Services Co. MA owned 2.38% of Prosperity Bancshares worth $149,766,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mather Group LLC. purchased a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $26,000. Steph & Co. purchased a new stake in Prosperity Bancshares in the second quarter worth $38,000. Employees Retirement System of Texas bought a new stake in Prosperity Bancshares in the second quarter valued at $48,000. Osaic Holdings Inc. increased its position in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the period. Finally, IFP Advisors Inc increased its position in Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after purchasing an additional 901 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on PB. Stephens raised their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Barclays lifted their price objective on Prosperity Bancshares from $82.00 to $83.00 and gave the company an “equal weight” rating in a research report on Friday, December 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Finally, Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average target price of $80.75.

Prosperity Bancshares Price Performance

NYSE:PB opened at $72.18 on Wednesday. The firm has a market capitalization of $6.86 billion, a P/E ratio of 12.87, a PEG ratio of 0.95 and a beta of 0.68. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $82.75. The company’s 50-day simple moving average is $70.15 and its 200 day simple moving average is $68.35.

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

Insider Activity at Prosperity Bancshares

In other news, Director Harrison Stafford II sold 800 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total value 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. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the completion of the transaction, the director directly owned 8,075 shares of the company’s stock, valued at approximately $589,475. This represents a 11.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 15,050 shares of company stock valued at $1,046,016 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

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.