Westwood Holdings Group Inc. Sells 790 Shares of Prosperity Bancshares, Inc. $PB

Westwood Holdings Group Inc. cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 14.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,586 shares of the bank’s stock after selling 790 shares during the period. Westwood Holdings Group Inc.’s holdings in Prosperity Bancshares were worth $322,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cetera Investment Advisers lifted its stake in shares of Prosperity Bancshares by 83.4% during the 2nd quarter. Cetera Investment Advisers now owns 11,223 shares of the bank’s stock worth $788,000 after purchasing an additional 5,104 shares during the last quarter. Creative Planning lifted its position in shares of Prosperity Bancshares by 85.8% during the second quarter. Creative Planning now owns 7,750 shares of the bank’s stock valued at $544,000 after buying an additional 3,578 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Prosperity Bancshares by 7.5% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 24,481 shares of the bank’s stock valued at $1,720,000 after buying an additional 1,706 shares during the last quarter. Angel Oak Capital Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 39.0% in the 2nd quarter. Angel Oak Capital Advisors LLC now owns 13,900 shares of the bank’s stock valued at $976,000 after buying an additional 3,900 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its position in shares of Prosperity Bancshares by 10.1% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 35,808 shares of the bank’s stock worth $2,515,000 after buying an additional 3,292 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB opened at $64.83 on Tuesday. The stock has a 50-day moving average of $65.54 and a two-hundred day moving average of $68.30. The stock has a market cap of $6.16 billion, a P/E ratio of 11.56, a P/E/G ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The business had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. During the same period in the prior year, the company earned $1.34 earnings per share. The company’s revenue was up 3.9% on a year-over-year basis. Analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.7%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s payout ratio is 42.78%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of analyst reports. TD Cowen increased their target price on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Barclays decreased their price objective on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a report on Tuesday, November 11th. Raymond James Financial reaffirmed an “outperform” rating and set a $77.00 target price (up from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Piper Sandler lowered their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $67.36, for a total value of $40,416.00. Following the completion of the transaction, the director owned 44,400 shares of the company’s stock, valued at $2,990,784. The trade was a 1.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 14,300 shares of company stock worth $950,368. Company insiders own 4.20% of the company’s stock.

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.