LPL Financial LLC Reduces Stake in Prosperity Bancshares, Inc. $PB

LPL Financial LLC lessened its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,123 shares of the bank’s stock after selling 2,686 shares during the period. LPL Financial LLC’s holdings in Prosperity Bancshares were worth $1,579,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. U.S. Capital Wealth Advisors LLC lifted its position in shares of Prosperity Bancshares by 4.9% during the first quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank’s stock worth $237,000 after purchasing an additional 156 shares in the last quarter. Tectonic Advisors LLC increased its position in Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank’s stock valued at $594,000 after acquiring an additional 165 shares during the period. State of Michigan Retirement System raised its holdings in Prosperity Bancshares by 0.9% during the first quarter. State of Michigan Retirement System now owns 22,797 shares of the bank’s stock worth $1,627,000 after purchasing an additional 200 shares in the last quarter. Forum Financial Management LP raised its position in Prosperity Bancshares by 6.2% in the first quarter. Forum Financial Management LP now owns 3,407 shares of the bank’s stock worth $243,000 after acquiring an additional 200 shares in the last quarter. Finally, Xponance Inc. raised its holdings in Prosperity Bancshares by 1.9% during the first quarter. Xponance Inc. now owns 10,834 shares of the bank’s stock worth $773,000 after purchasing an additional 205 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of several recent research reports. Keefe, Bruyette & Woods reduced their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Monday, May 5th. Piper Sandler reduced their price target on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Hovde Group cut their price objective on 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 reduced 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. Finally, Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Nine investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average price target of $84.57.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $67.35, for a total transaction of $33,675.00. Following the completion of the sale, the director directly owned 94,915 shares of the company’s stock, valued at approximately $6,392,525.25. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 14,300 shares of company stock worth $998,411 over the last ninety days. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.3%

PB stock opened at $67.4790 on Friday. The company’s 50-day moving average price is $69.53 and its two-hundred day moving average price is $70.66. The firm has a market cap of $6.41 billion, a P/E ratio of 12.27, a P/E/G ratio of 1.02 and a beta of 0.71. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period last year, the company posted $1.22 EPS. Equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares’s payout ratio is currently 42.18%.

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.