Aspen Wealth Management LLC Sells 9,000 Shares of Prosperity Bancshares, Inc. $PB

Aspen Wealth Management LLC trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 31.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 20,000 shares of the bank’s stock after selling 9,000 shares during the period. Aspen Wealth Management LLC’s holdings in Prosperity Bancshares were worth $1,382,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PB. Mather Group LLC. bought a new position in Prosperity Bancshares during the 3rd quarter valued at approximately $26,000. Community Bank N.A. bought a new stake in Prosperity Bancshares in the third quarter worth $29,000. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the third quarter worth $40,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Prosperity Bancshares in the third quarter worth $42,000. Finally, Employees Retirement System of Texas bought a new position in shares of Prosperity Bancshares during the second quarter valued at $48,000. 80.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Morgan Stanley upped their target price on shares of Prosperity Bancshares from $80.00 to $91.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Finally, DA Davidson reissued a “neutral” rating and set a $76.00 price target on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $78.92.

Prosperity Bancshares Stock Up 0.3%

Shares of NYSE PB opened at $64.30 on Friday. The firm’s 50-day moving average price is $70.82 and its 200-day moving average price is $68.70. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The company has a market cap of $6.53 billion, a PE ratio of 11.22, a PEG ratio of 0.90 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. The firm had revenue of $317.73 million during 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 firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is 41.88%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $70.97, for a total value of $42,582.00. Following the transaction, the director directly owned 42,600 shares of the company’s stock, valued at approximately $3,023,322. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 13,200 shares of company stock valued at $927,608 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

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.