Prosperity Bancshares, Inc. $PB Stake Cut by Amarillo National Bank

Amarillo National Bank reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 12.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,012 shares of the bank’s stock after selling 8,260 shares during the period. Prosperity Bancshares comprises about 0.7% of Amarillo National Bank’s holdings, making the stock its 23rd largest holding. Amarillo National Bank owned approximately 0.06% of Prosperity Bancshares worth $3,871,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PB. AQR Capital Management LLC lifted its stake in Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after acquiring an additional 1,516,939 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after purchasing an additional 695,114 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after purchasing an additional 465,227 shares in the last quarter. State Street Corp raised its stake in shares of Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares in the last quarter. Finally, Algebris UK Ltd. raised its stake in shares of Prosperity Bancshares by 128.5% during the 3rd quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock worth $35,253,000 after purchasing an additional 299,064 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Up 0.3%

Shares of NYSE:PB opened at $69.78 on Thursday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The firm has a market capitalization of $7.08 billion, a PE ratio of 12.18, a PEG ratio of 1.11 and a beta of 0.66. The business’s 50 day moving average is $68.62 and its 200-day moving average is $68.88.

Prosperity Bancshares (NYSE:PB) last announced 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. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The company had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same quarter last year, the firm earned $1.37 EPS. Prosperity Bancshares’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PB shares. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $77.00 to $74.00 in a research note on Thursday, January 29th. Hovde Group raised their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Morgan Stanley cut their price target on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Finally, DA Davidson reissued a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 29th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $78.31.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $68.71, for a total transaction of $34,355.00. Following the sale, the director owned 77,915 shares of the company’s stock, valued at approximately $5,353,539.65. This trade represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 12,100 shares of company stock worth $834,609. 3.96% of the stock is currently owned by company insiders.

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.