Amalgamated Bank Sells 716 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Amalgamated Bank decreased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,999 shares of the bank’s stock after selling 716 shares during the quarter. Amalgamated Bank owned 0.06% of Prosperity Bancshares worth $3,928,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Natixis Advisors L.P. lifted its position in Prosperity Bancshares by 64.1% during the third quarter. Natixis Advisors L.P. now owns 44,415 shares of the bank’s stock valued at $2,424,000 after purchasing an additional 17,351 shares during the period. Amica Mutual Insurance Co. boosted its stake in shares of Prosperity Bancshares by 417.5% in the 3rd quarter. Amica Mutual Insurance Co. now owns 30,583 shares of the bank’s stock worth $1,669,000 after buying an additional 24,673 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Prosperity Bancshares in the third quarter worth $213,000. Panagora Asset Management Inc. increased its position in Prosperity Bancshares by 131.3% during the third quarter. Panagora Asset Management Inc. now owns 8,742 shares of the bank’s stock valued at $477,000 after acquiring an additional 4,963 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. bought a new position in Prosperity Bancshares in the fourth quarter valued at about $46,306,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB opened at $63.27 on Thursday. The firm has a market cap of $5.92 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88. The company has a 50 day simple moving average of $62.59 and a two-hundred day simple moving average of $62.34.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. The company had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period last year, the company posted $1.37 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.54%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a research report on Wednesday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays started coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective for the company. Finally, Truist Financial reaffirmed a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.86.

About Prosperity Bancshares

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