Prosperity Bancshares, Inc. $PB Shares Sold by Brown Advisory Inc.

Key Points

• Brown Advisory trimmed its Prosperity Bancshares stake by 1.0% in the fourth quarter, though it still held about 2.11% of the bank, worth roughly $138.6 million.
• Prosperity Bancshares reported better-than-expected quarterly results, with EPS of $1.50 versus $1.41 expected and revenue of $367.62 million, up 19.9% year over year.
• The company also declared a quarterly dividend of $0.60 per share payable July 1, which annualizes to $2.40 per share and yields about 3.3%.

Brown Advisory Inc. reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,006,168 shares of the bank's stock after selling 20,079 shares during the period. Brown Advisory Inc. owned about 2.11% of Prosperity Bancshares worth $138,646,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank's stock worth $140,797,000 after acquiring an additional 695,114 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in Prosperity Bancshares by 44.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 159,871 shares of the bank's stock worth $10,607,000 after acquiring an additional 48,943 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Prosperity Bancshares by 81.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 59,752 shares of the bank's stock worth $4,246,000 after acquiring an additional 26,774 shares in the last quarter. Stieven Capital Advisors L.P. acquired a new position in Prosperity Bancshares during the 3rd quarter worth $7,893,000. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at about $4,882,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PB shares. TD Cowen lifted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a "buy" rating in a report on Friday, May 1st. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, April 30th. Citigroup lifted their price target on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the company a "neutral" rating in a report on Monday, May 4th. Wall Street Zen raised shares of Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Weiss Ratings lowered shares of Prosperity Bancshares from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, May 11th. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of "Hold" and a consensus price target of $76.82.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $71.35, for a total value of $35,675.00. Following the sale, the director directly owned 75,615 shares in the company, valued at $5,395,130.25. This trade represents a 0.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 14,300 shares of company stock valued at $978,402. Company insiders own 3.96% of the company's stock.

Prosperity Bancshares Trading Up 1.5%

NYSE PB opened at $72.64 on Friday. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The company has a 50-day simple moving average of $68.95 and a 200-day simple moving average of $69.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $7.33 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.11 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company's quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.37 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a $0.60 dividend. The ex-dividend date is Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 43.48%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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