Prosperity Bancshares, Inc. (NYSE:PB) Stock Holdings Lowered by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 60,483 shares of the bank’s stock after selling 1,259 shares during the period. King Luther Capital Management Corp owned about 0.06% of Prosperity Bancshares worth $4,359,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. lifted its holdings in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after purchasing an additional 534 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Prosperity Bancshares by 61.8% during the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after buying an additional 1,849 shares in the last quarter. LMR Partners LLP acquired a new position in shares of Prosperity Bancshares in the third quarter worth about $574,000. Swiss National Bank increased its position in shares of Prosperity Bancshares by 1.8% in the third quarter. Swiss National Bank now owns 187,367 shares of the bank’s stock worth $13,504,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Prosperity Bancshares by 0.9% during the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock valued at $59,007,000 after acquiring an additional 6,972 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total transaction of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.28% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Truist Financial lowered 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. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Stock Up 2.5 %

PB stock opened at $84.36 on Friday. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 17.91, a P/E/G ratio of 1.22 and a beta of 0.89. The firm has a 50 day moving average of $74.60 and a two-hundred day moving average of $68.86. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $85.13.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $299.83 million. During the same period in the prior year, the business posted $1.20 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. 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 2.75%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio 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.