Prosperity Bancshares, Inc. $PB Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,385 shares of the bank’s stock after selling 1,651 shares during the period. Mutual of America Capital Management LLC’s holdings in Prosperity Bancshares were worth $3,328,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Steph & Co. acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Prosperity Bancshares in the first quarter valued at approximately $48,000. IFP Advisors Inc grew its holdings in Prosperity Bancshares by 1,251.4% in the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after purchasing an additional 901 shares during the period. Parallel Advisors LLC grew its holdings in Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the period. Finally, Signaturefd LLC grew its holdings in Prosperity Bancshares by 33.8% in the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after purchasing an additional 249 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $63.44, for a total transaction of $31,720.00. Following the completion of the sale, the director directly owned 90,415 shares of the company’s stock, valued at approximately $5,735,927.60. This trade represents a 0.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 14,300 shares of company stock worth $952,813. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Up 0.5%

PB opened at $63.23 on Friday. The company has a fifty day simple moving average of $66.47 and a 200 day simple moving average of $68.32. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 0.94 and a beta of 0.73. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period last year, the business earned $1.22 EPS. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 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 Friday, January 2nd. Investors of record on Monday, December 15th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is 42.18%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PB. Cowen began coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Raymond James Financial set a $75.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, October 7th. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research note on Thursday, July 24th. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price objective for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $81.71.

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.