Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Olstein Capital Management L.P.

Olstein Capital Management L.P. lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 28.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,000 shares of the bank’s stock after selling 8,000 shares during the quarter. Olstein Capital Management L.P.’s holdings in Prosperity Bancshares were worth $1,441,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after acquiring an additional 184,453 shares during the period. Amarillo National Bank acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $8,520,000. Thrivent Financial for Lutherans grew its position in Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Prosperity Bancshares by 52.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock valued at $13,672,000 after acquiring an additional 77,039 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Piper Sandler increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a report on Tuesday, September 17th. Finally, DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares Stock Down 1.1 %

PB stock traded down $0.93 during trading on Thursday, hitting $79.95. The company had a trading volume of 24,574 shares, compared to its average volume of 569,112. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 17.17, a PEG ratio of 1.08 and a beta of 0.89. The firm has a 50-day moving average price of $72.58 and a 200-day moving average price of $67.45. Prosperity Bancshares, Inc. has a 12 month low of $54.38 and a 12 month high of $81.11.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the prior year, the company posted $1.20 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.90%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. 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.