Corebridge Financial Inc. Cuts Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Corebridge Financial Inc. trimmed its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 107,757 shares of the bank's stock after selling 4,852 shares during the period. Corebridge Financial Inc. owned 0.11% of Prosperity Bancshares worth $8,119,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PB. Advisors Asset Management Inc. raised its stake in Prosperity Bancshares by 61.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank's stock valued at $349,000 after acquiring an additional 1,849 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank's stock valued at $85,280,000 after buying an additional 6,518 shares during the last quarter. Cerity Partners LLC grew its position in Prosperity Bancshares by 22.6% in the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank's stock valued at $453,000 after buying an additional 1,157 shares during the last quarter. FMR LLC increased its stake in Prosperity Bancshares by 69.9% in the 3rd quarter. FMR LLC now owns 7,736 shares of the bank's stock valued at $558,000 after buying an additional 3,182 shares during the period. Finally, Glenmede Trust Co. NA purchased a new position in Prosperity Bancshares during the 3rd quarter worth $294,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total value of $35,315.00. Following the sale, the director now directly owns 104,815 shares of the company's stock, valued at approximately $7,403,083.45. This trade represents a 0.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 5,500 shares of company stock valued at $416,135. 4.20% of the stock is owned by insiders.

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Analyst Ratings Changes

A number of brokerages have recently issued reports on PB. StockNews.com lowered shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, March 19th. Barclays lifted their price objective on Prosperity Bancshares from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Friday, December 20th. UBS Group cut their target price on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, December 26th. Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $83.50.

Prosperity Bancshares Trading Down 1.0 %

Shares of PB stock traded down $0.73 during trading hours on Tuesday, hitting $70.64. The company's stock had a trading volume of 515,586 shares, compared to its average volume of 548,724. The business has a fifty day moving average of $75.50 and a 200-day moving average of $76.16. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The stock has a market cap of $6.73 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 0.94 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares's dividend payout ratio is presently 45.85%.

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.