Covestor Ltd Sells 157 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Covestor Ltd reduced its position in Prosperity Bancshares, Inc. (NYSE:PB) by 19.3% during the third quarter, Holdings Channel reports. The institutional investor owned 655 shares of the bank’s stock after selling 157 shares during the quarter. Covestor Ltd’s holdings in Prosperity Bancshares were worth $47,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares during the last quarter. Victory Capital Management Inc. grew its stake in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the period. Amarillo National Bank acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at $8,520,000. Thrivent Financial for Lutherans grew its stake in Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after acquiring an additional 112,101 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in Prosperity Bancshares by 52.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock valued at $13,672,000 after acquiring an additional 77,039 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

NYSE:PB opened at $82.50 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13. The firm’s fifty day moving average price is $73.79 and its 200 day moving average price is $68.31. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89.

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

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.81%. Prosperity Bancshares’s payout ratio is presently 47.56%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.28% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PB has been the topic of several recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $80.00 to $78.00 in a report on Tuesday, October 15th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Compass Point upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Finally, Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

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.