Prosperity Bancshares, Inc. $PB Position Reduced by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.4% during the second quarter, HoldingsChannel reports. The fund owned 47,385 shares of the bank’s stock after selling 1,651 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Prosperity Bancshares were worth $3,328,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Praxis Investment Management Inc. bought a new position in Prosperity Bancshares during the 2nd quarter valued at $298,000. TD Asset Management Inc lifted its position in shares of Prosperity Bancshares by 2.8% in the 2nd quarter. TD Asset Management Inc now owns 44,834 shares of the bank’s stock worth $3,149,000 after buying an additional 1,200 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in shares of Prosperity Bancshares in the 2nd quarter worth about $572,000. CWM LLC lifted its position in shares of Prosperity Bancshares by 72.0% in the 2nd quarter. CWM LLC now owns 29,384 shares of the bank’s stock worth $2,064,000 after buying an additional 12,302 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in shares of Prosperity Bancshares by 18.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 9,486 shares of the bank’s stock worth $666,000 after buying an additional 1,454 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PB shares. Hovde Group reduced their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Citigroup restated a “neutral” rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Raymond James Financial set a $75.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, October 7th. TD Cowen started coverage on shares of Prosperity Bancshares in a research report on Thursday, September 25th. They issued a “buy” rating and a $79.00 price target on the stock. Finally, Cowen started coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $81.71.

Prosperity Bancshares Stock Up 0.5%

Shares of NYSE:PB opened at $63.23 on Friday. The company has a market cap of $6.01 billion, a PE ratio of 11.50, a P/E/G ratio of 0.94 and a beta of 0.73. The company’s 50-day moving average price is $66.47 and its 200 day moving average price is $68.32. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm 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 period last year, the firm posted $1.22 EPS. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio is 42.18%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $67.33, for a total transaction of $40,398.00. Following the transaction, the director owned 44,700 shares of the company’s stock, valued at approximately $3,009,651. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 14,300 shares of company stock worth $952,813. 4.20% of the stock is currently owned by company insiders.

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.