JPMorgan Chase & Co. Sells 61,466 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

JPMorgan Chase & Co. cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 19.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 247,814 shares of the bank's stock after selling 61,466 shares during the quarter. JPMorgan Chase & Co. owned about 0.26% of Prosperity Bancshares worth $17,860,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PB. TD Asset Management Inc lifted its holdings in shares of Prosperity Bancshares by 9.5% in the second quarter. TD Asset Management Inc now owns 35,600 shares of the bank's stock valued at $2,177,000 after purchasing an additional 3,086 shares in the last quarter. Arizona State Retirement System lifted its stake in Prosperity Bancshares by 1.7% in the 2nd quarter. Arizona State Retirement System now owns 26,184 shares of the bank's stock valued at $1,601,000 after acquiring an additional 429 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in Prosperity Bancshares during the 2nd quarter worth approximately $43,000. Quest Partners LLC grew its stake in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $46,000. 80.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PB shares. Truist Financial lowered shares of 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. Wolfe Research reaffirmed a "peer perform" rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. DA Davidson cut Prosperity Bancshares from a "buy" rating to a "neutral" rating and reduced their price target for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Finally, StockNews.com cut Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $81.38.

Insider Buying and Selling

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm'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 transaction, the chairman now owns 229,953 shares in the company, valued at $19,890,934.50. This trade represents a 1.71 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the completion of the transaction, the director now directly owns 113,815 shares of the company's stock, valued at $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,600 shares of company stock valued at $1,117,424. Insiders own 4.28% of the company's stock.

Prosperity Bancshares Trading Down 1.7 %

Shares of NYSE:PB traded down $1.30 on Friday, hitting $73.39. The company had a trading volume of 484,844 shares, compared to its average volume of 438,657. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 1.19 and a beta of 0.93. The stock has a 50 day moving average price of $79.25 and a 200 day moving average price of $73.12. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The business 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 earned $1.20 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th were paid a dividend of $0.58 per share. The ex-dividend date was Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.16%. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's dividend payout ratio (DPR) is 49.26%.

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.