Massachusetts Financial Services Co. MA Sells 16,823 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Massachusetts Financial Services Co. MA decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,309,130 shares of the bank’s stock after selling 16,823 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Prosperity Bancshares were worth $166,419,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. Quarry LP increased its stake in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC raised its position in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after acquiring an additional 535 shares during the period. Abich Financial Wealth Management LLC boosted its stake in Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after acquiring an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Prosperity Bancshares during the 2nd quarter worth approximately $46,000. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now owns 113,815 shares in the company, valued at $9,269,093.60. This represents a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.28% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $84.36 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $85.13. The company has a market cap of $8.04 billion, a P/E ratio of 17.91, a P/E/G ratio of 1.23 and a beta of 0.89. The stock’s 50-day simple moving average is $74.60 and its 200 day simple moving average is $68.86.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results 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 return on equity of 6.46% and a net margin of 25.39%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the company earned $1.20 earnings per share. As a group, equities analysts predict 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 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 represents a $2.32 dividend on an annualized basis and a yield of 2.75%. 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. Prosperity Bancshares’s payout ratio is presently 47.56%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PB. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. 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. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. Finally, Hovde Group increased their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.