Prosperity Bancshares, Inc. $PB Shares Sold by Snyder Capital Management L P

Snyder Capital Management L P trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 1,139,438 shares of the bank’s stock after selling 19,053 shares during the period. Prosperity Bancshares accounts for 1.4% of Snyder Capital Management L P’s investment portfolio, making the stock its 25th biggest holding. Snyder Capital Management L P’s holdings in Prosperity Bancshares were worth $75,602,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clearstead Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 10.9% during the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock worth $107,000 after purchasing an additional 159 shares during the period. Bfsg LLC raised its stake in shares of Prosperity Bancshares by 5.1% during the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock valued at $223,000 after buying an additional 164 shares during the last quarter. AE Wealth Management LLC lifted its holdings in shares of Prosperity Bancshares by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock valued at $326,000 after buying an additional 172 shares during the period. Belpointe Asset Management LLC boosted its stake in shares of Prosperity Bancshares by 5.1% in the third quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock worth $240,000 after buying an additional 176 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its stake in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on PB shares. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Raymond James Financial cut shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Hovde Group increased their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $75.00 to $68.00 in a research report on Monday, February 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $78.92.

Insider Activity at Prosperity Bancshares

In other news, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the sale, the director directly owned 8,075 shares of the company’s stock, valued at $589,475. The trade was a 11.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $71.53, for a total value of $42,918.00. Following the sale, the director owned 42,800 shares of the company’s stock, valued at $3,061,484. The trade was a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 14,250 shares of company stock worth $1,018,824. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.4%

PB opened at $69.78 on Thursday. The firm’s fifty day simple moving average is $71.75 and its two-hundred day simple moving average is $68.91. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The company has a market cap of $7.09 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 0.98 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million during the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.37 earnings per share. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

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 issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is presently 41.88%.

About Prosperity Bancshares

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.