Kingsview Wealth Management LLC Sells 3,000 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Kingsview Wealth Management LLC lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 7.4% in the third quarter, HoldingsChannel reports. The firm owned 37,735 shares of the bank’s stock after selling 3,000 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Prosperity Bancshares were worth $2,720,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC grew its stake 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 acquiring an additional 177 shares during the period. Quarry LP raised its position in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC increased its position 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 valued at $34,000 after purchasing an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC raised its position in Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after purchasing an additional 746 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares during the second quarter worth $46,000. Institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares 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 transaction of $41,980.00. Following the transaction, the director now owns 114,315 shares of the company’s stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.28% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of recent research reports. Barclays raised their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, 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 report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. 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 Price Performance

Shares of NYSE:PB opened at $84.30 on Monday. The firm has a market capitalization of $8.03 billion, a PE ratio of 17.90, a P/E/G ratio of 1.26 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 has a 50-day moving average of $74.83 and a two-hundred day moving average of $69.08.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the company posted $1.20 EPS. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend 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 47.56%.

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.