Citigroup Inc. Buys 23,060 Shares of Prosperity Bancshares, Inc. $PB

Citigroup Inc. grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 17.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 156,496 shares of the bank’s stock after buying an additional 23,060 shares during the period. Citigroup Inc. owned approximately 0.16% of Prosperity Bancshares worth $10,384,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in PB. Mather Group LLC. bought a new position in Prosperity Bancshares during the third quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Prosperity Bancshares during the third quarter valued at approximately $42,000. Employees Retirement System of Texas bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $48,000. Osaic Holdings Inc. raised its stake in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. Finally, Cornerstone Planning Group LLC lifted its position in Prosperity Bancshares by 18,633.3% in the third quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock worth $75,000 after purchasing an additional 1,118 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PB shares. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Hovde Group lifted their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. DA Davidson reissued a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $78.77.

Prosperity Bancshares Stock Down 3.0%

Shares of Prosperity Bancshares stock opened at $70.33 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.92. The stock has a market capitalization of $6.68 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 0.99 and a beta of 0.67. The company has a 50-day simple moving average of $71.80 and a 200 day simple moving average of $68.86.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.01. The firm had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.37 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $42,048.00. Following the sale, the director owned 42,900 shares in the company, valued at approximately $3,006,432. This represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $70.76, for a total transaction of $56,608.00. Following the transaction, the director owned 107,937 shares in the company, valued at approximately $7,637,622.12. This trade represents a 0.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 15,050 shares of company stock worth $1,075,486. 4.20% of the stock is currently owned by insiders.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.