Cambiar Investors LLC Decreases Stake in Prosperity Bancshares, Inc. $PB

Cambiar Investors LLC reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 32.4% during the third quarter, HoldingsChannel reports. The firm owned 96,810 shares of the bank’s stock after selling 46,397 shares during the period. Cambiar Investors LLC’s holdings in Prosperity Bancshares were worth $6,423,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of PB. AQR Capital Management LLC lifted its stake in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after acquiring an additional 1,516,939 shares during the period. American Century Companies Inc. raised its holdings in shares of Prosperity Bancshares by 4,674.9% during the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after purchasing an additional 1,397,033 shares during the last quarter. Norges Bank bought a new position in Prosperity Bancshares during the second quarter valued at approximately $53,398,000. Algebris UK Ltd. boosted its holdings in Prosperity Bancshares by 128.5% in the third quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock worth $35,253,000 after purchasing an additional 299,064 shares during the last quarter. Finally, Boston Partners grew its position in Prosperity Bancshares by 68.9% in the 2nd quarter. Boston Partners now owns 554,502 shares of the bank’s stock worth $38,945,000 after purchasing an additional 226,232 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $72.88 on Wednesday. The stock has a 50-day simple moving average of $70.84 and a two-hundred day simple moving average of $68.31. The firm has a market capitalization of $6.92 billion, a PE ratio of 12.99, a P/E/G ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $82.75.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting the consensus estimate of $1.45. The firm had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.34 earnings per share. Equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.78%.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the completion of the transaction, the director directly owned 107,937 shares in the company, valued at $7,637,622.12. This represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Leah Henderson sold 1,050 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the completion of the sale, the director directly owned 8,075 shares of the company’s stock, valued at approximately $589,475. This trade represents a 11.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 15,050 shares of company stock valued at $1,056,009 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PB. Raymond James Financial cut Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Hovde Group cut Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 26th. Stephens boosted their price target on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Finally, Barclays increased their price objective on shares of Prosperity Bancshares from $82.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Friday, December 19th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average price target of $80.75.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.