Leeward Investments LLC MA Sells 11,968 Shares of Prosperity Bancshares, Inc. $PB

Leeward Investments LLC MA decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 5.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 194,580 shares of the bank’s stock after selling 11,968 shares during the period. Leeward Investments LLC MA owned 0.19% of Prosperity Bancshares worth $12,883,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. BlackRock Inc. bought a new position in Prosperity Bancshares during the 2nd quarter valued at $746,776,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $350,099,000. Algebris UK Ltd. bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth $59,465,000. Bank of New York Mellon Corp bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth $57,877,000. Finally, North Reef Capital Management LP raised its stake 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 worth $74,427,000 after buying an additional 662,877 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Up 0.1%

Prosperity Bancshares stock opened at $69.56 on Monday. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 0.77 and a beta of 0.66. Prosperity Bancshares, Inc. has a 1 year low of $62.58 and a 1 year high of $77.20. The firm’s 50 day moving average price is $69.78 and its two-hundred day moving average price is $70.55. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the prior year, the firm earned $1.42 EPS. The company’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, research analysts predict that Prosperity Bancshares, Inc. will post 6.46 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.60. Prosperity Bancshares’s payout ratio is presently 41.59%.

Insider Activity

In other news, Director Ned Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $68.25, for a total transaction of $34,125.00. Following the sale, the director directly owned 66,115 shares of the company’s stock, valued at $4,512,348.75. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 13,800 shares of company stock worth $977,902 over the last quarter. 3.96% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on PB shares. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Raymond James Financial upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $78.00 price target on the stock in a research report on Tuesday, October 6th. Piper Sandler upped their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Morgan Stanley raised their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research report on Monday, September 28th. Finally, TD Cowen reduced their price objective on shares of Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.55.

Prosperity Bancshares Company 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.