Prosperity Bancshares, Inc. $PB Shares Sold by Amarillo National Bank

Key Points

• Amarillo National Bank has reduced its stake in Prosperity Bancshares, Inc. by 8.2%, holding 64,272 shares post-sale, which constitutes about 0.8% of its investment portfolio.
• Several hedge funds have adjusted their positions in Prosperity Bancshares, with significant increases from Dimensional Fund Advisors and Vaughan Nelson Investment Management in the past quarter.
• Prosperity Bancshares has declared a quarterly dividend of $0.58, reflecting an annualized payout of $2.32 with a dividend yield of 3.5%.

Amarillo National Bank trimmed its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 64,272 shares of the bank's stock after selling 5,774 shares during the period. Prosperity Bancshares accounts for about 0.8% of Amarillo National Bank's investment portfolio, making the stock its 22nd largest position. Amarillo National Bank owned about 0.07% of Prosperity Bancshares worth $4,514,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PB. Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock valued at $334,595,000 after purchasing an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Prosperity Bancshares by 14.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after purchasing an additional 412,283 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Prosperity Bancshares by 25.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock valued at $79,404,000 after buying an additional 223,355 shares in the last quarter. AQR Capital Management LLC grew its holdings in Prosperity Bancshares by 56.2% during the 1st quarter. AQR Capital Management LLC now owns 866,223 shares of the bank's stock valued at $61,008,000 after buying an additional 311,698 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Prosperity Bancshares during the first quarter worth $25,491,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PB shares. Piper Sandler reduced their price objective 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. Citigroup restated a "neutral" rating and issued a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Cowen started coverage on shares of Prosperity Bancshares in a report on Wednesday. They set a "buy" rating for the company. TD Cowen assumed coverage on shares of Prosperity Bancshares in a research note on Thursday. They set a "buy" rating and a $79.00 price objective on the stock. Finally, Hovde Group decreased their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $83.13.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $65.98 on Friday. The firm's 50-day simple moving average is $67.69 and its 200-day simple moving average is $69.04. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75. The firm has a market cap of $6.27 billion, a P/E ratio of 12.00, a PEG ratio of 0.98 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. During the same quarter in the prior year, the company earned $1.22 EPS. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared 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 is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.5%. Prosperity Bancshares's payout ratio is 42.18%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $72.95, for a total transaction of $43,770.00. Following the completion of the sale, the director owned 45,100 shares in the company, valued at $3,290,045. This trade represents a 1.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 15,400 shares of company stock valued at $1,063,189 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

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.

Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.