Comerica Bank Has $3.36 Million Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Comerica Bank has reduced its holdings in Prosperity Bancshares, Inc. by 39.2%, now owning 47,026 shares worth approximately $3.36 million after selling 30,310 shares in the first quarter.
• Insider trading activity revealed that Director Ned S. Holmes sold 600 shares at an average price of $70.31, reducing his ownership by 1.30%.
• Prosperity Bancshares has announced a quarterly dividend of $0.58 per share, to be paid on October 1st, representing an annualized yield of 3.4%.

Comerica Bank cut its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 39.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,026 shares of the bank's stock after selling 30,310 shares during the quarter. Comerica Bank's holdings in Prosperity Bancshares were worth $3,356,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its holdings in Prosperity Bancshares by 8.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after purchasing an additional 561 shares during the period. Principal Financial Group Inc. grew its position in Prosperity Bancshares by 0.4% during the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after buying an additional 855 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Prosperity Bancshares by 1.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock valued at $4,156,000 after acquiring an additional 1,016 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Prosperity Bancshares by 23.1% during the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock valued at $1,557,000 after acquiring an additional 4,098 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock valued at $212,000 after purchasing an additional 249 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $70.31, for a total value of $42,186.00. Following the completion of the sale, the director owned 45,400 shares of the company's stock, valued at approximately $3,192,074. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders sold 15,400 shares of company stock worth $1,072,938. 4.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PB has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Hovde Group reduced their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Citigroup raised their price objective on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.13.

Prosperity Bancshares Stock Down 0.4%

Shares of PB stock traded down $0.30 during mid-day trading on Thursday, reaching $68.49. 336,516 shares of the stock traded hands, compared to its average volume of 702,980. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.04 and a beta of 0.74. The stock's fifty day simple moving average is $69.74 and its two-hundred day simple moving average is $70.04. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The business had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. During the same quarter last year, the business earned $1.22 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares's payout ratio is presently 42.18%.

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.