Citigroup Inc. Has $5.50 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Citigroup Inc. trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 29.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 76,284 shares of the bank's stock after selling 31,506 shares during the quarter. Citigroup Inc. owned 0.08% of Prosperity Bancshares worth $5,498,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after buying an additional 177 shares during the period. Quarry LP raised its holdings in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after acquiring an additional 416 shares during the period. Quest Partners LLC lifted its position in Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in Prosperity Bancshares in the 2nd quarter worth $43,000. Finally, Headlands Technologies LLC bought a new position in Prosperity Bancshares during the 2nd quarter worth about $46,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $84.66, for a total transaction of $42,330.00. Following the completion of the transaction, the director now directly owns 113,315 shares in the company, valued at $9,593,247.90. This represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares in the company, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,600 shares of company stock valued at $562,594. 4.28% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PB has been the topic of a number of research reports. Royal Bank of Canada restated a "sector perform" rating and issued a $77.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Truist Financial cut shares of Prosperity Bancshares from a "buy" rating to a "hold" rating and reduced their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. StockNews.com cut shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a research report on Friday. Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $79.95.

Prosperity Bancshares Stock Performance

Shares of PB stock traded down $0.02 on Monday, hitting $83.71. The company's stock had a trading volume of 329,749 shares, compared to its average volume of 569,274. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The stock's 50 day moving average is $76.18 and its 200-day moving average is $69.96. The company has a market capitalization of $7.97 billion, a PE ratio of 17.77, a PEG ratio of 1.25 and a beta of 0.89.

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

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.77%. This is an increase from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares's dividend payout ratio is presently 49.26%.

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.