Prosperity Bancshares, Inc. (NYSE:PB) Stake Boosted by Captrust Financial Advisors

Captrust Financial Advisors increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 6.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,848 shares of the bank’s stock after purchasing an additional 341 shares during the period. Captrust Financial Advisors’ holdings in Prosperity Bancshares were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after buying an additional 112,101 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Prosperity Bancshares by 52.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock valued at $13,672,000 after buying an additional 77,039 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Prosperity Bancshares by 11.9% in the second quarter. AQR Capital Management LLC now owns 673,198 shares of the bank’s stock valued at $40,883,000 after buying an additional 71,694 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PB. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, November 29th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Barclays lifted their price objective on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.68.

Prosperity Bancshares Trading Down 1.1 %

Shares of PB opened at $81.04 on Friday. The business’s 50-day moving average price is $77.96 and its 200 day moving average price is $70.90. The stock has a market capitalization of $7.72 billion, a P/E ratio of 17.21, a P/E/G ratio of 1.22 and a beta of 0.92. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter last year, the business posted $1.20 EPS. On average, research analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.86%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the transaction, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This trade represents a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,600 shares of company stock valued at $645,199. 4.28% of the stock is owned by corporate insiders.

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.