Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 2.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,483 shares of the bank’s stock after selling 840 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Prosperity Bancshares were worth $2,125,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PB. Sunbelt Securities Inc. increased its stake in Prosperity Bancshares by 31.0% in the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after purchasing an additional 232 shares during the last quarter. Geode Capital Management LLC grew its holdings in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank’s stock valued at $123,162,000 after buying an additional 15,309 shares during the period. M&T Bank Corp increased its stake in shares of Prosperity Bancshares by 0.3% during the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank’s stock valued at $3,272,000 after acquiring an additional 149 shares during the last quarter. Hodges Capital Management Inc. lifted its holdings in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. Hodges Capital Management Inc. now owns 140,329 shares of the bank’s stock worth $10,114,000 after acquiring an additional 4,648 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Prosperity Bancshares in the third quarter worth approximately $211,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other news, Chairman H E. Timanus, Jr. sold 4,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the sale, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,600 shares of company stock valued at $965,479. Insiders own 4.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PB shares. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Raymond James lowered 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. Hovde Group boosted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Friday, November 29th. Finally, Barclays lifted their price objective on Prosperity Bancshares from $76.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $81.65.

Prosperity Bancshares Stock Down 0.0 %

PB opened at $80.01 on Tuesday. The firm’s 50 day moving average is $78.33 and its 200-day moving average is $71.29. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The firm has a market capitalization of $7.62 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.19 and a beta of 0.92.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the previous year, the firm posted $1.20 EPS. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal 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 $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 2.90%. Prosperity Bancshares’s payout ratio is 47.56%.

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.