Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Amarillo National Bank

Amarillo National Bank trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 42.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,828 shares of the bank’s stock after selling 58,529 shares during the period. Prosperity Bancshares makes up about 1.1% of Amarillo National Bank’s holdings, making the stock its 19th biggest holding. Amarillo National Bank’s holdings in Prosperity Bancshares were worth $5,825,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the last quarter. Quarry LP lifted its stake in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. Quest Partners LLC boosted its position in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at about $43,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at about $46,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 1.7 %

Shares of PB opened at $72.26 on Friday. The business’s 50 day moving average is $72.21 and its two-hundred day moving average is $66.66. Prosperity Bancshares, Inc. has a 52-week low of $52.49 and a 52-week high of $75.28. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 16.65, a PEG ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the prior year, the company posted $1.20 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is currently 53.46%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PB shares. Morgan Stanley upgraded 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. Barclays raised their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday. Finally, DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $78.96.

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.