Massachusetts Financial Services Co. MA trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 2.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in PB. Amica Retiree Medical Trust purchased a new stake in Prosperity Bancshares during the 2nd quarter worth $42,000. Fifth Third Bancorp grew its stake in Prosperity Bancshares by 29.6% during the 2nd quarter. Fifth Third Bancorp now owns 749 shares of the bank’s stock valued at $42,000 after purchasing an additional 171 shares in the last quarter. Covestor Ltd increased its holdings in Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares during the last quarter. State of Wyoming raised its position in shares of Prosperity Bancshares by 25.1% in the 2nd quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after purchasing an additional 179 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of Prosperity Bancshares by 73.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after buying an additional 300 shares during the last quarter. 81.70% of the stock is owned by hedge funds and other institutional investors.
Prosperity Bancshares Price Performance
NYSE:PB opened at $61.95 on Thursday. The firm has a market capitalization 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. The business has a 50 day simple moving average of $65.16 and a 200 day simple moving average of $59.64. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $78.61.
Prosperity Bancshares Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend is Thursday, March 14th. Prosperity Bancshares’s dividend payout ratio is currently 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 dated Monday, December 11th. The shares were sold at an average price of $62.94, for a total value of $132,174.00. Following the completion of the transaction, the director now owns 31,025 shares in the company, valued at approximately $1,952,713.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 4.20% of the stock is owned by company insiders.
Analysts Set New Price Targets
PB has been the topic of several recent analyst reports. Citigroup initiated coverage on shares of Prosperity Bancshares in a report on Friday, December 1st. They issued a “buy” rating and a $68.00 price target on the stock. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a research note on Thursday, November 2nd. Truist Financial lifted their price target on Prosperity Bancshares from $61.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 15th. Wedbush cut their price objective on Prosperity Bancshares from $58.00 to $55.00 and set a “neutral” rating on the stock in a research note on Thursday, October 26th. Finally, UBS Group lifted their target price on Prosperity Bancshares from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.19.
Prosperity Bancshares 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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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