Principal Financial Group Inc. Sells 98,898 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Principal Financial Group Inc. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 31.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 220,173 shares of the bank's stock after selling 98,898 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Prosperity Bancshares worth $15,868,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PB. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Royal Bank of Canada restated a "sector perform" rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Piper Sandler raised their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, July 25th. Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and lowered their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus target price of $78.96.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded up $0.41 during mid-day trading on Friday, reaching $82.50. The company's stock had a trading volume of 578,423 shares, compared to its average volume of 574,605. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $85.13. The business's 50 day simple moving average is $73.79 and its 200 day simple moving average is $68.36.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted 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. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. During the same quarter last year, the company posted $1.20 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. 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. This represents a $2.32 annualized dividend and a dividend yield of 2.81%. Prosperity Bancshares's dividend payout ratio (DPR) is 47.56%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares of the company's stock, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.28% of the stock is currently owned by company insiders.

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; 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.