Algert Global LLC Trims Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Algert Global LLC reduced its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 48.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,255 shares of the bank's stock after selling 21,160 shares during the period. Algert Global LLC's holdings in Prosperity Bancshares were worth $1,604,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PB. Cerity Partners LLC increased its position in shares of Prosperity Bancshares by 22.6% in the third quarter. Cerity Partners LLC now owns 6,282 shares of the bank's stock valued at $453,000 after acquiring an additional 1,157 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Prosperity Bancshares by 0.6% during 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 purchasing an additional 6,518 shares during the period. First Horizon Advisors Inc. raised its position in Prosperity Bancshares by 190.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank's stock valued at $59,000 after purchasing an additional 534 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Prosperity Bancshares by 61.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank's stock worth $349,000 after buying an additional 1,849 shares during the period. Finally, LMR Partners LLP bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth approximately $574,000. Institutional investors own 80.69% of the company's stock.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the sale, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. The trade was a 0.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now directly owns 229,953 shares in the company, valued at $19,890,934.50. The trade was a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,100 shares of company stock worth $520,264 over the last quarter. 4.28% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Down 0.7 %

Shares of NYSE PB traded down $0.56 during trading on Thursday, reaching $84.17. The company had a trading volume of 387,678 shares, compared to its average volume of 571,783. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The business's 50-day moving average is $75.54 and its 200 day moving average is $69.49. The stock has a market cap of $8.02 billion, a PE ratio of 17.87, a P/E/G ratio of 1.27 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating 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 business had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the business earned $1.20 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a $0.58 dividend. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.76%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 49.26%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Raymond James lowered shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. StockNews.com cut Prosperity Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, November 20th. DA Davidson lowered Prosperity Bancshares from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, Truist Financial cut Prosperity Bancshares from a "buy" rating to a "hold" rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average target price of $78.96.

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.