Universal Beteiligungs und Servicegesellschaft mbH Decreases Stock Position in Prosperity Bancshares, Inc. $PB

Universal Beteiligungs und Servicegesellschaft mbH lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 37.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,489 shares of the bank’s stock after selling 11,305 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH’s holdings in Prosperity Bancshares were worth $1,299,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Steph & Co. bought a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Prosperity Bancshares during the first quarter valued at approximately $48,000. IFP Advisors Inc raised its holdings in Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after buying an additional 901 shares during the period. Parallel Advisors LLC boosted its stake in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after purchasing an additional 141 shares during the period. Finally, Signaturefd LLC grew its holdings in Prosperity Bancshares by 33.8% during the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after purchasing an additional 249 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $68.65, for a total transaction of $41,190.00. Following the completion of the sale, the director owned 44,200 shares of the company’s stock, valued at approximately $3,034,330. The trade was a 1.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 13,200 shares of company stock valued at $872,099. Company insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PB. TD Cowen increased their target price on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Citigroup reiterated a “neutral” rating and set a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Barclays reduced their price objective on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Raymond James Financial restated an “outperform” rating and set a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a report on Thursday, October 30th. Finally, Piper Sandler cut their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.21.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $68.86 on Thursday. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $85.76. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 0.97 and a beta of 0.75. The stock’s 50-day simple moving average is $65.65 and its 200-day simple moving average is $68.18.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the previous year, the firm earned $1.34 EPS. Prosperity Bancshares’s revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. 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 payout ratio is currently 42.78%.

About Prosperity Bancshares

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.