Prosperity Bancshares, Inc. $PB Holdings Lessened by Perpetual Ltd

Perpetual Ltd trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 6.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 555,599 shares of the bank’s stock after selling 37,723 shares during the quarter. Perpetual Ltd’s holdings in Prosperity Bancshares were worth $36,786,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Bull Harbor Capital LLC bought a new stake in Prosperity Bancshares during the first quarter worth approximately $1,019,000. Bank of New York Mellon Corp purchased a new stake in Prosperity Bancshares during the second quarter valued at approximately $57,877,000. First National Bank of Omaha bought a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $12,316,000. SummitTX Capital L.P. bought a new stake in shares of Prosperity Bancshares in the 1st quarter valued at approximately $3,878,000. Finally, Bank of America Corp DE lifted its stake in shares of Prosperity Bancshares by 11.6% in the 1st quarter. Bank of America Corp DE now owns 487,616 shares of the bank’s stock valued at $32,758,000 after purchasing an additional 50,575 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the subject of a number of recent research reports. TD Cowen dropped their target price on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a report on Monday, October 5th. Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. Barclays raised their price target on Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a research report on Monday, October 5th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Finally, Morgan Stanley lifted their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a research note on Monday, September 28th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $77.73.

Prosperity Bancshares Stock Up 0.3%

Shares of NYSE:PB opened at $66.32 on Tuesday. The firm has a market capitalization of $6.69 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 0.73 and a beta of 0.66. The business has a 50 day simple moving average of $70.92 and a two-hundred day simple moving average of $70.47. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The firm had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. During the same period last year, the company earned $1.42 EPS. Prosperity Bancshares’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 6.46 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a $0.60 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.6%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $65.78, for a total transaction of $32,890.00. Following the completion of the sale, the director directly owned 67,115 shares of the company’s stock, valued at approximately $4,414,824.70. The trade was a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 11,600 shares of company stock worth $829,985 in the last ninety days. 3.96% of the stock is currently owned by company insiders.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.