Goodman Financial Corp Sells 650 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Goodman Financial Corp trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 13.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,153 shares of the bank’s stock after selling 650 shares during the quarter. Goodman Financial Corp’s holdings in Prosperity Bancshares were worth $296,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PB. Wealth Enhancement Advisory Services LLC raised its holdings in Prosperity Bancshares by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock worth $525,000 after purchasing an additional 561 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Prosperity Bancshares by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank’s stock worth $15,634,000 after purchasing an additional 855 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Prosperity Bancshares by 1.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock worth $4,156,000 after purchasing an additional 1,016 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Prosperity Bancshares by 23.1% in the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock worth $1,557,000 after purchasing an additional 4,098 shares in the last quarter. Finally, Cetera Investment Advisers raised its holdings in Prosperity Bancshares by 5.9% in the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank’s stock worth $578,000 after purchasing an additional 427 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the transaction, the director owned 45,700 shares of the company’s stock, valued at approximately $3,239,673. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 12,000 shares of company stock valued at $851,846 over the last quarter. Company insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on PB shares. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price objective for the company. Piper Sandler reduced their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Hovde Group cut their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Barclays cut their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.57.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $66.59 on Thursday. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 12.11, a price-to-earnings-growth ratio of 1.01 and a beta of 0.68. The company’s 50-day moving average is $70.55 and its 200 day moving average is $72.02. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter last year, the firm posted $1.22 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares’s payout ratio is 42.18%.

Prosperity Bancshares 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.