Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Comerica Bank

Comerica Bank lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 7.9% during the first quarter, HoldingsChannel reports. The firm owned 114,274 shares of the bank’s stock after selling 9,755 shares during the quarter. Comerica Bank’s holdings in Prosperity Bancshares were worth $7,517,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new stake in Prosperity Bancshares during the fourth quarter worth $64,749,000. Vaughan Nelson Investment Management L.P. purchased a new position in Prosperity Bancshares during the fourth quarter worth about $46,306,000. Schroder Investment Management Group purchased a new position in Prosperity Bancshares during the fourth quarter worth about $32,842,000. Public Employees Retirement Association of Colorado lifted its position in Prosperity Bancshares by 359.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after buying an additional 193,953 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Prosperity Bancshares by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock worth $233,130,000 after buying an additional 187,472 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PB. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Truist Financial increased their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Compass Point increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

Prosperity Bancshares Trading Down 2.7 %

PB stock traded down $1.90 during midday trading on Friday, hitting $68.21. 249,267 shares of the company’s stock were exchanged, compared to its average volume of 579,781. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $74.05. The firm has a 50 day moving average price of $63.00 and a 200-day moving average price of $63.09. The stock has a market capitalization of $6.54 billion, a price-to-earnings ratio of 16.15, a price-to-earnings-growth ratio of 1.49 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter last year, the firm earned $1.21 EPS. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.56 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.28%. Prosperity Bancshares’s payout ratio is 51.61%.

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.