Barclays PLC Acquires 119,143 Shares of Prosperity Bancshares, Inc. $PB

Barclays PLC boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 42.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 396,574 shares of the bank’s stock after purchasing an additional 119,143 shares during the quarter. Barclays PLC owned 0.42% of Prosperity Bancshares worth $26,313,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Clearstead Advisors LLC raised its position in Prosperity Bancshares by 10.9% in the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock worth $107,000 after purchasing an additional 159 shares in the last quarter. Bfsg LLC raised its holdings in shares of Prosperity Bancshares by 5.1% in the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock worth $223,000 after buying an additional 164 shares in the last quarter. AE Wealth Management LLC lifted its position in shares of Prosperity Bancshares by 3.8% during the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after buying an additional 172 shares during the period. Belpointe Asset Management LLC boosted its stake in Prosperity Bancshares by 5.1% in the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after buying an additional 176 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its stake in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $71.99, for a total value of $43,194.00. Following the completion of the sale, the director directly owned 42,700 shares in the company, valued at approximately $3,073,973. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 13,200 shares of company stock worth $936,078 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Down 1.6%

NYSE:PB opened at $65.82 on Thursday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The business has a 50 day moving average price of $71.51 and a two-hundred day moving average price of $68.90. The company has a market cap of $6.69 billion, a P/E ratio of 11.49, a price-to-earnings-growth ratio of 0.94 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results 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 analyst estimates of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.37 EPS. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s payout ratio is presently 41.88%.

Wall Street Analyst Weigh In

PB has been the subject of several analyst reports. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Morgan Stanley raised their target price on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Finally, Hovde Group upped their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $78.92.

Prosperity Bancshares Company Profile

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.