Massachusetts Financial Services Co. MA Decreases Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Massachusetts Financial Services Co. MA cut its holdings in Prosperity Bancshares, Inc. (NYSE:PBFree Report) by 2.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,335,479 shares of the bank’s stock after selling 67,965 shares during the period. Massachusetts Financial Services Co. MA owned 2.49% of Prosperity Bancshares worth $127,470,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PB. Morgan Stanley grew its holdings in shares of Prosperity Bancshares by 325.4% in the fourth quarter. Morgan Stanley now owns 2,390,076 shares of the bank’s stock valued at $173,711,000 after purchasing an additional 1,828,204 shares in the last quarter. State Street Corp raised its position in shares of Prosperity Bancshares by 11.5% during the 2nd quarter. State Street Corp now owns 8,888,314 shares of the bank’s stock valued at $506,826,000 after buying an additional 917,381 shares in the last quarter. Norges Bank bought a new position in shares of Prosperity Bancshares in the 4th quarter valued at about $63,078,000. Bank of America Corp DE raised its position in Prosperity Bancshares by 421.0% during the first quarter. Bank of America Corp DE now owns 774,756 shares of the bank’s stock valued at $47,663,000 after purchasing an additional 626,060 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Prosperity Bancshares by 251.2% during the 2nd quarter. Goldman Sachs Group Inc. now owns 726,052 shares of the bank’s stock valued at $41,007,000 after purchasing an additional 519,338 shares during the last quarter. 81.70% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 0.8 %

Shares of Prosperity Bancshares stock opened at $61.95 on Thursday. Prosperity Bancshares, Inc. has a 12 month low of $49.60 and a 12 month high of $78.61. The stock’s fifty day moving average price is $65.16 and its 200-day moving average price is $59.64. The firm has a market cap of $5.81 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.23 and a beta of 0.95.

Prosperity Bancshares (NYSE:PBGet Free Report) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating the consensus estimate of $1.15 by $0.04. The business had revenue of $413.00 million during the quarter, compared to analyst estimates of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same quarter in the previous year, the business posted $1.51 EPS. Analysts forecast that Prosperity Bancshares, Inc. will post 5.06 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.24 annualized dividend and a yield of 3.62%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.45%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director L. Jack Lord sold 2,100 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $62.94, for a total transaction of $132,174.00. Following the completion of the sale, the director now owns 31,025 shares of the company’s stock, valued at $1,952,713.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

PB has been the topic of several recent analyst reports. StockNews.com raised shares of Prosperity Bancshares to a “sell” rating in a research note on Thursday, November 2nd. Wedbush decreased their price objective on shares of Prosperity Bancshares from $58.00 to $55.00 and set a “neutral” rating for the company in a research note on Thursday, October 26th. Citigroup started coverage on Prosperity Bancshares in a research note on Friday, December 1st. They set a “buy” rating and a $68.00 target price on the stock. Raymond James increased their price target on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Friday, January 5th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.19.

Check Out Our Latest Stock Report on PB

About Prosperity Bancshares

(Free Report)

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

See Also

Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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