Barclays PLC Reduces Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Barclays PLC reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 37.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,543 shares of the bank's stock after selling 54,701 shares during the quarter. Barclays PLC owned 0.10% of Prosperity Bancshares worth $6,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Amica Mutual Insurance Co. raised its stake in shares of Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank's stock worth $9,646,000 after buying an additional 46,593 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Prosperity Bancshares during the 3rd quarter valued at about $4,804,000. Prospector Partners LLC raised its position in Prosperity Bancshares by 24.6% during the third quarter. Prospector Partners LLC now owns 228,992 shares of the bank's stock worth $16,503,000 after acquiring an additional 45,177 shares during the last quarter. Thrivent Financial for Lutherans raised its position in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank's stock worth $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Prosperity Bancshares by 3.4% in the third quarter. US Bancorp DE now owns 4,720 shares of the bank's stock valued at $340,000 after purchasing an additional 153 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

PB stock traded down $1.19 on Thursday, hitting $74.11. 634,068 shares of the company were exchanged, compared to its average volume of 561,794. The stock has a market capitalization of $7.06 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The business's fifty day moving average is $78.58 and its two-hundred day moving average is $71.43.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period in the prior year, the firm posted $1.20 EPS. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares's payout ratio is currently 49.26%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of recent research reports. DA Davidson downgraded Prosperity Bancshares from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Hovde Group boosted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an "outperform" rating in a report on Monday, August 26th. Wedbush restated an "outperform" rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Barclays boosted their target price on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an "equal weight" rating in a research note on Thursday, December 5th. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $81.65.

Insider Transactions at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,100 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the sale, the director now owns 7,525 shares in the company, valued at approximately $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the transaction, the director now directly owns 114,315 shares in the company, valued at $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,100 shares of company stock worth $1,004,719. 4.28% of the stock is currently owned by company insiders.

Prosperity Bancshares Company 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; 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.