Principal Financial Group Inc. Trims Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Principal Financial Group Inc. trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB) by 31.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 220,173 shares of the bank’s stock after selling 98,898 shares during the period. Principal Financial Group Inc. owned 0.23% of Prosperity Bancshares worth $15,868,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC raised its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares during the second quarter worth about $43,000. Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter worth approximately $46,000. Finally, GAMMA Investing LLC grew its holdings 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 purchasing an additional 227 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on PB. Royal Bank of Canada restated a “sector perform” rating and set a $77.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Barclays raised their price target on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $81.50.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,100 shares of company stock valued at $1,004,719 over the last ninety days. 4.28% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Down 1.1 %

Shares of NYSE PB opened at $75.43 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of 16.01, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The firm has a 50 day moving average of $78.88 and a 200 day moving average of $71.99.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during 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 period in the previous year, the company posted $1.20 EPS. Sell-side 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. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.08%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.26%.

Prosperity Bancshares Company 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.