Prosperity Bancshares, Inc. $PB Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 38.6% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 16,273 shares of the bank’s stock after selling 10,241 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Prosperity Bancshares were worth $1,143,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PB. Steph & Co. acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at about $48,000. IFP Advisors Inc lifted its holdings in shares of Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after buying an additional 901 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after buying an additional 141 shares during the period. Finally, Signaturefd LLC lifted its holdings in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after buying an additional 249 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The stock was sold at an average price of $65.20, for a total transaction of $32,600.00. Following the completion of the sale, the director directly owned 89,915 shares in the company, valued at approximately $5,862,458. The trade was a 0.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 14,300 shares of company stock worth $950,496. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Up 1.0%

Shares of Prosperity Bancshares stock opened at $66.49 on Tuesday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75. The business has a 50-day moving average price of $66.00 and a 200 day moving average price of $68.34. The firm has a market cap of $6.32 billion, a PE ratio of 11.85, a P/E/G ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm had revenue of $314.67 million during the quarter, compared to analyst estimates of $317.94 million. During the same quarter in the previous year, the business earned $1.34 EPS. Prosperity Bancshares’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.6%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.78%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PB. Stephens boosted their price objective on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Friday. Raymond James Financial reissued an “outperform” rating and issued a $77.00 price objective (up previously from $75.00) on shares of Prosperity Bancshares in a report on Thursday, October 30th. TD Cowen lifted their price target on Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a research note on Friday. Finally, Royal Bank Of Canada cut their price target on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average target price of $80.50.

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.