Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Amalgamated Bank

Amalgamated Bank lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.2% during the fourth quarter, HoldingsChannel reports. The firm owned 57,999 shares of the bank’s stock after selling 716 shares during the period. Amalgamated Bank’s holdings in Prosperity Bancshares were worth $3,928,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Planned Solutions Inc. purchased a new position in Prosperity Bancshares in the fourth quarter worth approximately $37,000. GAMMA Investing LLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth about $38,000. Signaturefd LLC raised its holdings in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after buying an additional 470 shares during the period. Spire Wealth Management lifted its position in Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after buying an additional 194 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Prosperity Bancshares by 12.3% during the third quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after buying an additional 244 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the topic of several recent analyst reports. Barclays began coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Truist Financial reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st. Finally, Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.86.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $63.27 on Thursday. The business has a 50-day simple moving average of $62.59 and a 200-day simple moving average of $62.34. The company has a market cap of $5.92 billion, a PE ratio of 14.58, a P/E/G ratio of 1.26 and a beta of 0.93. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $68.88.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period in the prior year, the firm posted $1.37 EPS. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

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.