State Street Corp Sells 280,414 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

State Street Corp lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 5.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,937,688 shares of the bank’s stock after selling 280,414 shares during the quarter. State Street Corp owned about 0.05% of Prosperity Bancshares worth $358,661,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PB. Stifel Financial Corp increased its holdings in Prosperity Bancshares by 4.3% in the 3rd quarter. Stifel Financial Corp now owns 113,293 shares of the bank’s stock worth $8,165,000 after acquiring an additional 4,677 shares in the last quarter. SageView Advisory Group LLC bought a new position in shares of Prosperity Bancshares in the third quarter worth approximately $212,000. Quantinno Capital Management LP increased its stake in shares of Prosperity Bancshares by 68.5% in the third quarter. Quantinno Capital Management LP now owns 10,959 shares of the bank’s stock worth $790,000 after purchasing an additional 4,457 shares in the last quarter. Readystate Asset Management LP raised its position in shares of Prosperity Bancshares by 51.0% during the 3rd quarter. Readystate Asset Management LP now owns 11,779 shares of the bank’s stock valued at $849,000 after purchasing an additional 3,978 shares during the period. Finally, Point72 DIFC Ltd purchased a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $1,123,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 1.3 %

Shares of NYSE PB opened at $80.84 on Tuesday. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of 17.16, a P/E/G ratio of 1.22 and a beta of 0.92. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75. The firm’s 50-day moving average price is $77.28 and its 200-day moving average price is $70.61.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during 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 last year, the company earned $1.20 EPS. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed 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 is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.87%. Prosperity Bancshares’s payout ratio is 49.26%.

Analysts Set New Price Targets

A number of research firms have commented on PB. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Friday, November 29th. Finally, Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $80.68.

Insider Activity

In related news, Director Leah Henderson sold 1,100 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares in the company, valued at $626,381. The trade was a 12.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,100 shares of company stock valued at $604,114. 4.28% of the stock is currently owned by company insiders.

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.