Eight 31 Financial LLC Sells 7,289 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Eight 31 Financial LLC lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 68.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,301 shares of the bank's stock after selling 7,289 shares during the quarter. Eight 31 Financial LLC's holdings in Prosperity Bancshares were worth $249,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in Prosperity Bancshares in the fourth quarter worth about $68,986,000. North Reef Capital Management LP acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $29,211,000. ExodusPoint Capital Management LP raised its stake in shares of Prosperity Bancshares by 462.3% during the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after buying an additional 139,585 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Prosperity Bancshares in the fourth quarter valued at approximately $8,643,000. Finally, Snyder Capital Management L P boosted its stake in Prosperity Bancshares by 7.3% in the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after acquiring an additional 83,488 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $80.01, for a total value of $40,005.00. Following the completion of the sale, the director now owns 107,315 shares of the company's stock, valued at approximately $8,586,273.15. This represents a 0.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 5,500 shares of company stock valued at $396,700 in the last three months. 4.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on PB shares. Stephens upped their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Morgan Stanley dropped their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Royal Bank of Canada reduced their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday. Hovde Group lowered their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday. Finally, Barclays cut their price target on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $83.23.

Prosperity Bancshares Price Performance

PB stock opened at $67.06 on Friday. The stock has a market capitalization of $6.39 billion, a P/E ratio of 13.25, a P/E/G ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The business has a 50-day moving average of $70.21 and a 200-day moving average of $75.29.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.46%. Prosperity Bancshares's payout ratio is currently 44.19%.

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.

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