Prosperity Bancshares, Inc. (NYSE:PB) Position Trimmed by Corebridge Financial Inc.

Corebridge Financial Inc. cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,757 shares of the bank’s stock after selling 4,852 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of Prosperity Bancshares worth $8,119,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PB. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank’s stock worth $736,923,000 after buying an additional 44,567 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Prosperity Bancshares during the fourth quarter worth about $235,000. KLP Kapitalforvaltning AS bought a new position in shares of Prosperity Bancshares during the fourth quarter worth about $1,471,000. American Century Companies Inc. increased its holdings in shares of Prosperity Bancshares by 0.8% in the 4th quarter. American Century Companies Inc. now owns 31,013 shares of the bank’s stock worth $2,337,000 after acquiring an additional 255 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in Prosperity Bancshares by 13.5% in the 4th quarter. Teacher Retirement System of Texas now owns 17,720 shares of the bank’s stock valued at $1,335,000 after purchasing an additional 2,112 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 0.2 %

Shares of Prosperity Bancshares stock opened at $71.53 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The company’s 50-day moving average price is $75.99 and its two-hundred day moving average price is $76.13. The stock has a market cap of $6.81 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is presently 45.85%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $70.63, for a total value of $35,315.00. Following the completion of the transaction, the director now directly owns 104,815 shares in the company, valued at $7,403,083.45. This trade represents a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 5,500 shares of company stock worth $416,135 in the last three months. 4.28% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on PB shares. Barclays upped their target price on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. UBS Group decreased their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, December 26th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, March 19th. Bank of America upgraded Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a research report on Tuesday, January 7th. Finally, Raymond James raised their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $83.50.

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.