Prosperity Bancshares, Inc. $PB Shares Sold by American Century Companies Inc.

American Century Companies Inc. lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 3.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,884 shares of the bank’s stock after selling 1,129 shares during the quarter. American Century Companies Inc.’s holdings in Prosperity Bancshares were worth $2,133,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Prosperity Bancshares by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock valued at $525,000 after purchasing an additional 561 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Prosperity Bancshares by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank’s stock valued at $15,634,000 after purchasing an additional 855 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Prosperity Bancshares by 1.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after purchasing an additional 1,016 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Prosperity Bancshares by 23.1% in the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock valued at $1,557,000 after purchasing an additional 4,098 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock valued at $212,000 after purchasing an additional 249 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.2%

NYSE:PB opened at $69.21 on Tuesday. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The stock has a 50 day moving average of $69.76 and a two-hundred day moving average of $70.06. The firm has a market cap of $6.57 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 1.04 and a beta of 0.74.

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

Prosperity Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PB. Piper Sandler cut their price target on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research note on Thursday, July 24th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Citigroup lifted their price target on Prosperity Bancshares from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price target for the company. Finally, Keefe, Bruyette & Woods cut their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a research note on Monday, May 5th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.13.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $68.85, for a total value of $34,425.00. Following the completion of the sale, the director directly owned 94,415 shares in the company, valued at $6,500,472.75. This represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 14,300 shares of company stock valued at $997,378 in the last ninety days. 4.20% of the stock is owned by corporate insiders.

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.