Barclays PLC Trims Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Barclays PLC reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 37.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,543 shares of the bank’s stock after selling 54,701 shares during the quarter. Barclays PLC owned 0.10% of Prosperity Bancshares worth $6,670,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Quarry LP raised its stake in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after buying an additional 227 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $46,000. Finally, First Horizon Advisors Inc. grew its position in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $81.65.

Insider Activity

In other Prosperity Bancshares news, Director Harrison Stafford II sold 4,000 shares of Prosperity Bancshares stock in a transaction on Friday, December 13th. The stock was sold at an average price of $80.07, for a total transaction of $320,280.00. Following the completion of the transaction, the director now owns 107,137 shares in the company, valued at approximately $8,578,459.59. The trade was a 3.60 % 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. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares in the company, valued at approximately $9,597,887.40. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,600 shares of company stock worth $965,479. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Trading Down 4.0 %

PB stock opened at $75.30 on Thursday. The firm’s 50-day moving average price is $78.49 and its two-hundred day moving average price is $71.40. The stock has a market capitalization of $7.17 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.

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

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 3.08%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 49.26%.

Prosperity Bancshares Profile

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.