Prosperity Bancshares, Inc. $PB Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Prosperity Bancshares by 9.3%, now owning approximately 0.89% of the company worth $60.68 million.
• Analysts maintain a "Moderate Buy" average rating for Prosperity Bancshares, with a consensus target price of $84.13 from ten equities research analysts.
• Prosperity Bancshares recently declared a quarterly dividend of $0.58 per share, reflecting an annualized yield of 3.3%.

Northern Trust Corp reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 850,163 shares of the bank's stock after selling 86,945 shares during the quarter. Northern Trust Corp owned 0.89% of Prosperity Bancshares worth $60,676,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Prosperity Bancshares by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after buying an additional 561 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Prosperity Bancshares by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock valued at $15,634,000 after buying an additional 855 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock valued at $4,156,000 after buying an additional 1,016 shares during the last quarter. Teacher Retirement System of Texas boosted its stake 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 buying an additional 4,098 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Prosperity Bancshares by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock valued at $212,000 after buying an additional 249 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PB has been the topic of several research reports. Keefe, Bruyette & Woods dropped their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Piper Sandler dropped their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Hovde Group dropped their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Finally, Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. 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, Prosperity Bancshares currently has an average rating of "Moderate Buy" and an average target price of $84.13.

Prosperity Bancshares Stock Down 0.2%

NYSE PB traded down $0.13 during trading hours on Monday, hitting $69.21. The company had a trading volume of 769,674 shares, compared to its average volume of 949,543. 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 fifty day simple moving average of $69.76 and a 200-day simple moving average of $70.06. The firm has a market cap of $6.57 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 1.04 and a beta of 0.74.

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

Prosperity Bancshares Dividend Announcement

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 given a $0.58 dividend. 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 dividend payout ratio (DPR) is currently 42.18%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $68.85, for a total value of $34,425.00. Following the sale, the director directly owned 94,415 shares of the company's stock, valued at $6,500,472.75. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 14,300 shares of company stock valued at $997,378 over the last quarter. 4.20% of the stock is owned by company 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.