Covestor Ltd Has $47,000 Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Covestor Ltd lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 19.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 655 shares of the bank’s stock after selling 157 shares during the period. Covestor Ltd’s holdings in Prosperity Bancshares were worth $47,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PB. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the last quarter. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the period. Quest Partners LLC boosted its holdings in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new position in Prosperity Bancshares in the 2nd quarter valued at $43,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at $46,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

PB opened at $82.50 on Friday. The firm has a market cap of $7.86 billion, a P/E ratio of 17.52, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13. The company has a 50 day simple moving average of $73.79 and a two-hundred day simple moving average of $68.31.

Prosperity Bancshares (NYSE:PB) last issued its 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. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same quarter in the prior year, the business earned $1.20 earnings per share. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm 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 dividend of $0.58 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. 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 2.81%. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value 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. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on PB. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Hovde Group boosted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Finally, Compass Point lifted their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.96.

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.