Private Management Group Inc. Sells 28,302 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Key Points

• Private Management Group Inc. reduced its holdings in Prosperity Bancshares by 5.9%, now owning 449,768 shares, which amounts to approximately $32.1 million.
• Aster Capital Management increased its stake by 349.5% during the last quarter, while other institutional investors also modified their positions in Prosperity Bancshares.
• Analysts have set a consensus target price of $84.27 for Prosperity Bancshares, with a mix of buy and hold ratings from various firms.

Private Management Group Inc. lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 5.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 449,768 shares of the bank's stock after selling 28,302 shares during the period. Prosperity Bancshares comprises 1.2% of Private Management Group Inc.'s holdings, making the stock its 23rd largest holding. Private Management Group Inc. owned 0.47% of Prosperity Bancshares worth $32,100,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Avantax Advisory Services Inc. boosted its position in shares of Prosperity Bancshares by 3.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 7,554 shares of the bank's stock worth $539,000 after acquiring an additional 273 shares in the last quarter. AE Wealth Management LLC acquired a new stake in shares of Prosperity Bancshares during the 1st quarter worth approximately $319,000. Oak Thistle LLC boosted its position in shares of Prosperity Bancshares by 26.8% during the 1st quarter. Oak Thistle LLC now owns 12,394 shares of the bank's stock worth $885,000 after acquiring an additional 2,620 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Prosperity Bancshares during the 1st quarter worth approximately $2,126,000. Finally, Y Intercept Hong Kong Ltd boosted its position in shares of Prosperity Bancshares by 100.7% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 26,514 shares of the bank's stock worth $1,892,000 after acquiring an additional 13,306 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Barclays dropped their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Piper Sandler dropped 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 note on Thursday, July 24th. Hovde Group dropped their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $84.57.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $70.21, for a total transaction of $35,105.00. Following the completion of the transaction, the director directly owned 96,915 shares in the company, valued at $6,804,402.15. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 12,500 shares of company stock valued at $885,446 in the last ninety days. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.06 during trading hours on Tuesday, hitting $67.68. 233,326 shares of the stock were exchanged, compared to its average volume of 657,614. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75. The business has a 50-day moving average of $70.64 and a 200-day moving average of $72.06. The firm has a market capitalization of $6.45 billion, a P/E ratio of 12.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period last year, the company posted $1.22 earnings per share. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's payout ratio is 42.18%.

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.