Barclays PLC Sells 54,701 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Barclays PLC cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 37.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,543 shares of the bank’s stock after selling 54,701 shares during the quarter. Barclays PLC’s holdings in Prosperity Bancshares were worth $6,670,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Prosperity Bancshares during the 3rd quarter valued at about $16,478,000. Victory Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares during the period. Finally, Jane Street Group LLC raised its holdings in shares of Prosperity Bancshares by 418.0% during the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank’s stock valued at $8,039,000 after purchasing an additional 90,015 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PB shares. Hovde Group lifted their target price on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Wolfe Research reissued a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $81.65.

Insider Buying and Selling

In related news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harrison Stafford II sold 4,000 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $80.07, for a total value of $320,280.00. Following the transaction, the director now directly owns 107,137 shares of the company’s stock, valued at approximately $8,578,459.59. The trade was a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,600 shares of company stock worth $965,479. 4.28% of the stock is owned by corporate insiders.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $75.30 on Thursday. The company has a market capitalization of $7.17 billion, a P/E ratio of 15.99, a P/E/G ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75. The firm’s 50 day simple moving average is $78.49 and its two-hundred day simple moving average is $71.40.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating 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 company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter in the previous year, the company earned $1.20 EPS. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.08%. Prosperity Bancshares’s dividend payout ratio is 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.