HighTower Advisors LLC Has $1.55 Million Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• HighTower Advisors LLC reduced its stake in Prosperity Bancshares by 15.8% during the first quarter, now holding shares worth approximately $1.55 million.
• Several analysts have recently lowered their target prices on Prosperity Bancshares, but the stock maintains a Moderate Buy average rating with a target price of $84.57.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, representing an annual yield of 3.3%.

HighTower Advisors LLC lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 15.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,678 shares of the bank's stock after selling 4,078 shares during the period. HighTower Advisors LLC's holdings in Prosperity Bancshares were worth $1,547,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. U.S. Capital Wealth Advisors LLC raised its position in Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after purchasing an additional 156 shares during the last quarter. Tectonic Advisors LLC raised its position in shares of Prosperity Bancshares by 2.0% during the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock valued at $594,000 after acquiring an additional 165 shares during the last quarter. State of Michigan Retirement System raised its position in shares of Prosperity Bancshares by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock valued at $1,627,000 after acquiring an additional 200 shares during the last quarter. Forum Financial Management LP raised its position in shares of Prosperity Bancshares by 6.2% during the 1st quarter. Forum Financial Management LP now owns 3,407 shares of the bank's stock valued at $243,000 after acquiring an additional 200 shares during the last quarter. Finally, Xponance Inc. raised its position in shares of Prosperity Bancshares by 1.9% during the 1st quarter. Xponance Inc. now owns 10,834 shares of the bank's stock valued at $773,000 after acquiring an additional 205 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on PB shares. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Keefe, Bruyette & Woods dropped their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Citigroup upped their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Tuesday. Finally, Piper Sandler dropped their target price 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. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $84.13.

Prosperity Bancshares Stock Down 0.2%

Shares of PB traded down $0.13 during trading hours on Friday, reaching $69.21. The stock had a trading volume of 769,674 shares, compared to its average volume of 972,357. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The firm has a 50-day moving average of $69.75 and a 200 day moving average of $70.17. The company has a market cap of $6.57 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.04 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 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 analysts' expectations of $315.66 million. During the same quarter in the prior year, the company earned $1.22 EPS. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $70.31, for a total value of $42,186.00. Following the completion of the transaction, the director directly owned 45,400 shares of the company's stock, valued at approximately $3,192,074. This represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 14,300 shares of company stock valued at $997,378. 4.20% of the stock is currently owned by corporate insiders.

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.