Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 4.4% in the third quarter, HoldingsChannel reports. The firm owned 14,729 shares of the bank’s stock after selling 675 shares during the quarter. Federated Hermes Inc.’s holdings in Prosperity Bancshares were worth $982,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. raised its position in Prosperity Bancshares by 166.2% during the second quarter. Meeder Asset Management Inc. now owns 386 shares of the bank’s stock valued at $26,000 after acquiring an additional 241 shares in the last quarter. Quadrant Capital Group LLC raised its position in Prosperity Bancshares by 49.1% during the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock valued at $29,000 after acquiring an additional 144 shares in the last quarter. Quantbot Technologies LP purchased a new position in Prosperity Bancshares during the third quarter valued at approximately $34,000. Exchange Traded Concepts LLC purchased a new position in Prosperity Bancshares during the third quarter valued at approximately $46,000. Finally, Covestor Ltd raised its position in Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares in the last quarter. Institutional investors and hedge funds own 81.32% of the company’s stock.

Prosperity Bancshares Stock Down 2.9 %

Shares of NYSE PB opened at $62.24 on Tuesday. The firm has a 50-day simple moving average of $73.83 and a 200-day simple moving average of $72.40. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. Prosperity Bancshares, Inc. has a 52 week low of $58.25 and a 52 week high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Rating) last issued its earnings results on Wednesday, January 25th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $346.32 million during the quarter, compared to analysts’ expectations of $296.52 million. Prosperity Bancshares had a net margin of 42.30% and a return on equity of 7.97%. During the same period in the prior year, the business earned $1.38 earnings per share. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.86 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Wednesday, March 15th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Tuesday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 38.39%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PB. Morgan Stanley initiated coverage on shares of Prosperity Bancshares in a research note on Monday, December 5th. They issued an “equal weight” rating and a $69.00 price target on the stock. DA Davidson upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Monday. Janney Montgomery Scott upgraded shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Monday. Raymond James upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a research report on Tuesday, February 21st. Finally, StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $76.00.

Prosperity Bancshares Profile

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.