Prosperity Bancshares, Inc. $PB Stock Sold by Perpetual Ltd

Key Points

• Perpetual Ltd reduced its Prosperity Bancshares stake by 6.4% in the third quarter, selling 37,723 shares and retaining 555,599 shares valued at approximately $36.8 million. Institutional investors collectively own 80.69% of the stock.
• Analyst sentiment is mixed, with six Buy, six Hold, and two Sell ratings. The stock has an average rating of Hold and an average price target of $77.73.
• Prosperity Bancshares reported quarterly EPS of $1.62, exceeding the $1.50 consensus estimate, while revenue rose 25.9% year over year to $391.25 million. The company maintains a quarterly dividend of $0.60 per share, equating to a 3.6% yield.

Perpetual Ltd trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 6.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 555,599 shares of the bank's stock after selling 37,723 shares during the period. Perpetual Ltd owned 0.55% of Prosperity Bancshares worth $36,786,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PB. Parkside Financial Bank & Trust boosted its holdings in Prosperity Bancshares by 52.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank's stock worth $42,000 after buying an additional 197 shares during the period. Earned Wealth Advisors LLC raised its holdings in Prosperity Bancshares by 6.2% during the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock valued at $244,000 after acquiring an additional 213 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Prosperity Bancshares by 15.9% in the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank's stock valued at $124,000 after acquiring an additional 256 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Prosperity Bancshares by 3.3% in the second quarter. Versant Capital Management Inc now owns 10,921 shares of the bank's stock valued at $798,000 after acquiring an additional 348 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Prosperity Bancshares by 33.8% in the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank's stock valued at $145,000 after acquiring an additional 503 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $65.78, for a total transaction of $32,890.00. Following the sale, the director directly owned 67,115 shares of the company's stock, valued at $4,414,824.70. This represents a 0.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 11,600 shares of company stock valued at $829,985. Insiders own 3.96% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on PB. Piper Sandler increased their target price on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Raymond James Financial raised shares of Prosperity Bancshares from a "market perform" rating to an "outperform" rating and set a $78.00 price objective for the company in a report on Tuesday, October 6th. Barclays increased their price objective on shares of Prosperity Bancshares from $68.00 to $70.00 and gave the company an "underweight" rating in a report on Monday, October 5th. Finally, TD Cowen reduced their price objective on shares of Prosperity Bancshares from $84.00 to $78.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $77.73.

Prosperity Bancshares Stock Up 0.3%

PB opened at $66.32 on Tuesday. The company has a market capitalization of $6.69 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 0.73 and a beta of 0.66. The firm has a 50-day simple moving average of $70.92 and a two-hundred day simple moving average of $70.47. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. The firm had revenue of $391.25 million for the quarter, compared to analysts' expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. The business's revenue was up 25.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.42 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post 6.46 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 41.59%.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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