Cetera Investment Advisers Decreases Stock Position in Prosperity Bancshares, Inc. $PB

Cetera Investment Advisers lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 20.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,119 shares of the bank’s stock after selling 1,556 shares during the quarter. Cetera Investment Advisers’ holdings in Prosperity Bancshares were worth $437,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. grew its holdings in Prosperity Bancshares by 16.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 57,220 shares of the bank’s stock valued at $4,312,000 after purchasing an additional 7,913 shares during the last quarter. Invesco Ltd. grew its stake in Prosperity Bancshares by 19.7% in the 4th quarter. Invesco Ltd. now owns 226,430 shares of the bank’s stock worth $17,062,000 after acquiring an additional 37,285 shares in the last quarter. Raymond James Financial Inc. bought a new position in Prosperity Bancshares in the 4th quarter worth about $8,643,000. Barclays PLC grew its stake in Prosperity Bancshares by 26.8% in the 4th quarter. Barclays PLC now owns 117,355 shares of the bank’s stock worth $8,844,000 after acquiring an additional 24,812 shares in the last quarter. Finally, Walleye Capital LLC grew its stake in Prosperity Bancshares by 35.0% in the 4th quarter. Walleye Capital LLC now owns 6,888 shares of the bank’s stock worth $519,000 after acquiring an additional 1,787 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

PB stock opened at $67.19 on Monday. The firm’s fifty day moving average is $69.75 and its 200 day moving average is $70.87. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The firm has a market cap of $6.38 billion, a PE ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter last year, the business earned $1.22 earnings per share. Research analysts predict that Prosperity Bancshares, Inc. will post 5.83 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 Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares’s payout ratio is presently 42.18%.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total transaction of $42,534.00. Following the transaction, the director directly owned 45,700 shares in the company, valued at approximately $3,239,673. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 14,300 shares of company stock worth $1,002,309 in the last quarter. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PB shares. Hovde Group dropped their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Thursday, July 24th. Royal Bank Of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday, April 24th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price target on the stock. Keefe, Bruyette & Woods decreased 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. Finally, Piper Sandler decreased their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.57.

Prosperity Bancshares 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.