King Luther Capital Management Corp Sells 1,259 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

King Luther Capital Management Corp cut its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 2.0% in the third quarter, Holdings Channel.com reports. The firm owned 60,483 shares of the bank’s stock after selling 1,259 shares during the period. King Luther Capital Management Corp’s holdings in Prosperity Bancshares were worth $4,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. bought a new stake in shares of Prosperity Bancshares in the 1st quarter worth approximately $124,000. BOKF NA lifted its position in Prosperity Bancshares by 3.8% in the first quarter. BOKF NA now owns 20,750 shares of the bank’s stock worth $1,336,000 after purchasing an additional 750 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Prosperity Bancshares by 5.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 50,602 shares of the bank’s stock worth $3,329,000 after purchasing an additional 2,706 shares during the period. Interval Partners LP boosted its stake in Prosperity Bancshares by 2.5% during the first quarter. Interval Partners LP now owns 118,368 shares of the bank’s stock worth $7,786,000 after buying an additional 2,833 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in Prosperity Bancshares by 68.2% in the 1st quarter. Westwood Holdings Group Inc. now owns 6,726 shares of the bank’s stock valued at $442,000 after buying an additional 2,726 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the transaction, the director now directly owns 113,815 shares in the company, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.28% of the company’s stock.

Analyst Ratings Changes

PB has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Compass Point lifted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the stock from $81.00 to $79.00 in a report on Friday, September 20th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Stock Up 2.5 %

Prosperity Bancshares stock opened at $84.36 on Friday. The stock has a 50-day simple moving average of $74.60 and a 200 day simple moving average of $68.86. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 17.91, a P/E/G ratio of 1.22 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.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same period in the previous year, the firm posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current 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 issued a dividend of $0.58 per share. 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. This represents a $2.32 annualized dividend and a yield of 2.75%. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

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.