Nisa Investment Advisors LLC Cuts Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Nisa Investment Advisors LLC reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,324 shares of the bank’s stock after selling 335 shares during the period. Nisa Investment Advisors LLC’s holdings in Prosperity Bancshares were worth $743,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in shares of Prosperity Bancshares by 368.5% in the 4th quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after acquiring an additional 409 shares during the period. Aster Capital Management DIFC Ltd lifted its stake in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after acquiring an additional 713 shares during the period. Quarry LP acquired a new stake in shares of Prosperity Bancshares in the 4th quarter worth $88,000. Fifth Third Bancorp lifted its stake in shares of Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock worth $91,000 after acquiring an additional 396 shares during the period. Finally, Chilton Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the 1st quarter worth $105,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PB shares. Barclays dropped their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a “buy” rating and a $85.00 target price for the company. Royal Bank Of Canada lowered their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating for the company in a report on Thursday, April 24th. Hovde Group lowered their price target on shares of Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, May 5th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.80.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $74.13, for a total transaction of $37,065.00. Following the completion of the sale, the director directly owned 97,915 shares of the company’s stock, valued at approximately $7,258,438.95. This represents a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 9,700 shares of company stock valued at $683,577 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

PB opened at $71.95 on Wednesday. The stock has a market capitalization of $6.85 billion, a PE ratio of 13.70, a P/E/G ratio of 1.03 and a beta of 0.68. The firm’s fifty day moving average price is $70.86 and its 200 day moving average price is $72.31. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.18 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

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.