Citigroup Inc. Cuts Position in Prosperity Bancshares, Inc. (NYSE:PB)

Citigroup Inc. lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 29.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,284 shares of the bank’s stock after selling 31,506 shares during the quarter. Citigroup Inc. owned 0.08% of Prosperity Bancshares worth $5,498,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in PB. Victory Capital Management Inc. lifted its stake in Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after buying an additional 184,453 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after acquiring an additional 532,241 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after acquiring an additional 6,518 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Prosperity Bancshares by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after purchasing an additional 19,224 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Prosperity Bancshares by 4.6% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after acquiring an additional 36,480 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PB. Wedbush reiterated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays lifted their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Finally, Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $79.95.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company’s stock, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,100 shares of company stock worth $520,264 over the last ninety days. Company insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Down 0.5 %

Shares of NYSE PB opened at $83.73 on Monday. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.75. The company has a market cap of $7.98 billion, a price-to-earnings ratio of 17.78, a P/E/G ratio of 1.25 and a beta of 0.89. The business has a fifty day simple moving average of $75.96 and a 200-day simple moving average of $69.82.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during 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 prior year, the firm earned $1.20 EPS. As a group, sell-side 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 2.77%. 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 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.