Lord Abbett & CO. LLC decreased its holdings in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 4.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 115,690 shares of the bank’s stock after selling 5,282 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Prosperity Bancshares were worth $8,338,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP raised its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC raised its holdings in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. GAMMA Investing LLC lifted its position in Prosperity Bancshares by 47.9% during the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock valued at $51,000 after buying an additional 227 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the second quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. increased its position in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.
Analysts Set New Price Targets
PB has been the subject of a number of research reports. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Barclays upped their price target on Prosperity Bancshares from $76.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, December 5th. Finally, Hovde Group boosted 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.65.
Insiders Place Their Bets
In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $84.66, for a total transaction of $42,330.00. Following the completion of the sale, the director now owns 113,315 shares of the company’s stock, valued at $9,593,247.90. This represents a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the completion of the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. This represents a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,600 shares of company stock valued at $965,479 in the last quarter. Insiders own 4.28% of the company’s stock.
Prosperity Bancshares Trading Down 0.0 %
Shares of NYSE:PB opened at $80.01 on Tuesday. The firm has a market cap of $7.62 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. The company has a fifty day simple moving average of $78.33 and a 200 day simple moving average of $71.29. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.
Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the business earned $1.20 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.
Prosperity Bancshares Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 annualized dividend and a yield of 2.90%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is presently 47.56%.
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.
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