Massachusetts Financial Services Co. MA Trims Holdings in Prosperity Bancshares, Inc. $PB

Massachusetts Financial Services Co. MA trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,242,597 shares of the bank’s stock after selling 14,612 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.36% of Prosperity Bancshares worth $154,986,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Mather Group LLC. purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at about $26,000. Community Bank N.A. purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at about $29,000. Danske Bank A S purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at about $40,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at about $42,000. Finally, Osaic Holdings Inc. grew its position in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 0.0%

PB opened at $68.79 on Monday. The company has a market cap of $6.98 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 1.10 and a beta of 0.66. The company’s 50 day moving average is $69.26 and its 200 day moving average is $68.71. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

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

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.88%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $68.99, for a total transaction of $34,495.00. Following the sale, the director owned 78,415 shares in the company, valued at approximately $5,409,850.85. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 13,200 shares of company stock worth $919,575. 3.96% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PB has been the topic of several recent analyst reports. Barclays downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $75.00 to $68.00 in a research report on Monday, February 2nd. DA Davidson reissued a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Weiss Ratings raised shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average price target of $78.31.

Prosperity Bancshares 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.