Citigroup Inc. Sells 31,506 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Citigroup Inc. cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 29.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 76,284 shares of the bank’s stock after selling 31,506 shares during the period. Citigroup Inc.’s holdings in Prosperity Bancshares were worth $5,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PB. 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 during the last quarter. Los Angeles Capital Management LLC bought a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $4,804,000. Harbor Capital Advisors Inc. increased its stake in shares of Prosperity Bancshares by 394.8% in the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after buying an additional 9,148 shares during the period. Thrivent Financial for Lutherans increased its holdings 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 purchasing an additional 112,101 shares during the period. Finally, US Bancorp DE increased its position in shares of Prosperity Bancshares by 3.4% during the third quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock worth $340,000 after buying an additional 153 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the transaction, the chairman now owns 229,953 shares of the company’s stock, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,100 shares of company stock worth $520,264 in the last ninety days. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB opened at $83.73 on Monday. The firm has a market capitalization of $7.98 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 1.25 and a beta of 0.89. The company has a 50-day simple moving average of $75.96 and a two-hundred day simple moving average of $69.82. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $1.20 EPS. Analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 2.77%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 49.26%.

Analyst Upgrades and Downgrades

PB has been the subject of a number of recent research reports. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Hovde Group raised their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.95.

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.