Prosperity Bancshares, Inc. $PB Shares Sold by First Trust Advisors LP

First Trust Advisors LP lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 16.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 755,564 shares of the bank’s stock after selling 144,683 shares during the quarter. First Trust Advisors LP owned approximately 0.74% of Prosperity Bancshares worth $50,759,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Prosperity Bancshares by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after purchasing an additional 140,035 shares during the last quarter. State Street Corp lifted its position 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 during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after purchasing an additional 205,291 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Prosperity Bancshares by 34.5% during the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after purchasing an additional 1,179,307 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Prosperity Bancshares by 0.4% in the fourth quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock valued at $254,316,000 after buying an additional 15,192 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Citigroup raised their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, TD Cowen boosted their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $76.36.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the completion of the sale, the director owned 40,800 shares in the company, valued at approximately $2,840,496. The trade was a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 12,100 shares of company stock worth $849,312 over the last quarter. Insiders own 3.96% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $73.11 on Monday. The stock’s 50-day moving average is $71.11 and its two-hundred day moving average is $70.18. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 1.17 and a beta of 0.63. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter in the previous year, the firm earned $1.37 earnings per share. The business’s revenue was up 19.9% compared to the same quarter last year. Analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 43.48%.

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.