Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 90.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 115,085 shares of the bank’s stock after selling 1,037,862 shares during the period. Millennium Management LLC owned 0.12% of Prosperity Bancshares worth $7,036,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Goldman Sachs Group Inc. grew its stake in shares of Prosperity Bancshares by 11.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after purchasing an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at approximately $2,343,000. Amica Mutual Insurance Co. increased its position in Prosperity Bancshares by 41.9% during the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after buying an additional 46,593 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Prosperity Bancshares by 14.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock worth $51,631,000 after purchasing an additional 101,230 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Prosperity Bancshares by 394.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after acquiring an additional 9,148 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 1.1 %

Shares of NYSE:PB opened at $71.10 on Thursday. The firm has a market cap of $6.82 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.45 and a beta of 0.89. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $74.87. The company has a 50 day moving average of $71.53 and a 200-day moving average of $65.91.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period in the prior year, the company earned $1.21 EPS. Equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.04 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.15%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. DA Davidson boosted their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Compass Point raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.58.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.