Massachusetts Financial Services Co. MA Sells 65,229 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Massachusetts Financial Services Co. MA lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,325,953 shares of the bank’s stock after selling 65,229 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Prosperity Bancshares were worth $142,209,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Public Employees Retirement Association of Colorado raised its stake in shares of Prosperity Bancshares by 359.3% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after purchasing an additional 193,953 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Prosperity Bancshares by 11.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after buying an additional 89,617 shares during the period. Kingsview Wealth Management LLC purchased a new stake in shares of Prosperity Bancshares in the first quarter worth about $2,343,000. Amica Mutual Insurance Co. boosted its position in shares of Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after acquiring an additional 46,593 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Prosperity Bancshares by 14.8% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock valued at $51,631,000 after acquiring an additional 101,230 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB opened at $72.85 on Thursday. The firm has a market cap of $6.99 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.47 and a beta of 0.90. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $74.87. The stock has a 50 day simple moving average of $70.93 and a two-hundred day simple moving average of $64.98.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) 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 analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the prior year, the company earned $1.21 EPS. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.07%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Truist Financial increased their target price on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. DA Davidson upped their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Wedbush lifted their price target on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Finally, Piper Sandler upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.04.

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.