BNP Paribas Financial Markets Sells 1,671 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

BNP Paribas Financial Markets cut its position in Prosperity Bancshares, Inc. (NYSE:PB) by 6.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,794 shares of the bank’s stock after selling 1,671 shares during the period. BNP Paribas Financial Markets’ holdings in Prosperity Bancshares were worth $1,787,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PB. Amica Mutual Insurance Co. lifted its stake in shares of Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after buying an additional 46,593 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter worth about $4,804,000. Prospector Partners LLC raised its holdings in shares of Prosperity Bancshares by 24.6% in the 3rd quarter. Prospector Partners LLC now owns 228,992 shares of the bank’s stock worth $16,503,000 after acquiring an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, US Bancorp DE increased its holdings in Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after purchasing an additional 153 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Down 0.3 %

Shares of PB stock opened at $81.93 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The company has a 50 day moving average of $77.11 and a 200-day moving average of $70.43. The firm has a market cap of $7.80 billion, a P/E ratio of 17.39, a PEG ratio of 1.24 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the business posted $1.20 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 47.56%.

Insider Transactions at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,100 shares of company stock worth $604,114 over the last quarter. Corporate insiders own 4.28% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PB. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Hovde Group raised their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Barclays upped their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.68.

Prosperity Bancshares Company 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.