Cerity Partners LLC Has $451,000 Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Cerity Partners LLC reduced its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,085 shares of the bank’s stock after selling 197 shares during the quarter. Cerity Partners LLC’s holdings in Prosperity Bancshares were worth $451,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock valued at $71,000 after acquiring an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank’s stock valued at $229,000 after purchasing an additional 128 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 20.4% in the fourth quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after purchasing an additional 143 shares in the last quarter. Sanctuary Advisors LLC boosted its position in shares of Prosperity Bancshares by 3.8% during the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank’s stock valued at $430,000 after buying an additional 194 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank’s stock worth $76,000 after buying an additional 195 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $80.01, for a total value of $40,005.00. Following the transaction, the director now directly owns 107,315 shares of the company’s stock, valued at approximately $8,586,273.15. This represents a 0.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 5,000 shares of company stock valued at $362,910 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Stephens upped their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Raymond James boosted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. UBS Group decreased their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, December 26th. Finally, Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $83.35.

Prosperity Bancshares Stock Up 2.4 %

Shares of Prosperity Bancshares stock opened at $67.14 on Wednesday. The company has a market cap of $6.40 billion, a PE ratio of 13.27, a P/E/G ratio of 0.94 and a beta of 0.82. The business has a 50 day moving average of $70.85 and a 200 day moving average of $75.39. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.46%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 45.85%.

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.