Holocene Advisors LP lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 74.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,719 shares of the bank's stock after selling 40,950 shares during the quarter. Holocene Advisors LP's holdings in Prosperity Bancshares were worth $989,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Atom Investors LP increased its stake in Prosperity Bancshares by 60.1% during the third quarter. Atom Investors LP now owns 47,573 shares of the bank's stock valued at $3,429,000 after acquiring an additional 17,857 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth approximately $252,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Prosperity Bancshares during the third quarter valued at approximately $370,000. Verition Fund Management LLC raised its stake in shares of Prosperity Bancshares by 0.5% in the third quarter. Verition Fund Management LLC now owns 834,701 shares of the bank's stock valued at $60,157,000 after purchasing an additional 3,978 shares in the last quarter. Finally, Captrust Financial Advisors raised its stake in shares of Prosperity Bancshares by 6.2% in the third quarter. Captrust Financial Advisors now owns 5,848 shares of the bank's stock valued at $421,000 after purchasing an additional 341 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have issued reports on PB. Truist Financial lowered shares of Prosperity Bancshares from a "buy" rating to a "hold" rating and lowered their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Barclays upped their target price on shares of Prosperity Bancshares from $76.00 to $84.00 and gave the company an "equal weight" rating in a research note on Thursday. Raymond James cut shares of Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. StockNews.com lowered Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Friday, November 29th. Finally, Wedbush restated an "outperform" rating and set a $90.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.68.
Check Out Our Latest Stock Report on Prosperity Bancshares
In other Prosperity Bancshares news, Director Leah Henderson sold 1,100 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $83.24, for a total transaction of $91,564.00. Following the transaction, the director now directly owns 7,525 shares in the company, valued at approximately $626,381. This represents a 12.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now owns 113,815 shares of the company's stock, valued at approximately $9,269,093.60. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,100 shares of company stock valued at $604,114 over the last three months. 4.28% of the stock is owned by insiders.
Shares of PB opened at $81.93 on Friday. The company has a market cap of $7.81 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 1.24 and a beta of 0.92. The stock has a fifty day moving average price of $77.11 and a two-hundred day moving average price of $70.39. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75.
Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The business had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. During the same period in the previous year, the business posted $1.20 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares's dividend payout ratio is 49.26%.
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.
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