KBC Group NV Trims Position in Prosperity Bancshares, Inc. $PB

KBC Group NV reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 39.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,497 shares of the bank’s stock after selling 1,650 shares during the period. KBC Group NV’s holdings in Prosperity Bancshares were worth $175,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PB. Steph & Co. purchased a new stake in Prosperity Bancshares in the second quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares during the 1st quarter valued at about $48,000. IFP Advisors Inc lifted its holdings in shares of Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after buying an additional 901 shares during the period. Parallel Advisors LLC boosted its stake in shares of Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after buying an additional 141 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in Prosperity Bancshares by 33.8% during the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock worth $69,000 after acquiring an additional 249 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PB shares. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price objective on the stock. Royal Bank Of Canada lowered their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a report on Friday, October 10th. Cowen restated a “buy” rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Stephens upped their price objective on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, Barclays lowered their target price on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 11th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $69.82, for a total transaction of $41,892.00. Following the transaction, the director directly owned 44,300 shares in the company, valued at approximately $3,093,026. The trade was a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 14,300 shares of company stock valued at $948,416 over the last quarter. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Trading Up 1.2%

Shares of Prosperity Bancshares stock opened at $66.28 on Thursday. The firm has a market capitalization of $6.30 billion, a PE ratio of 11.81, a P/E/G ratio of 0.97 and a beta of 0.75. The firm’s 50-day moving average price is $65.49 and its 200 day moving average price is $68.25. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting the consensus estimate of $1.45. The firm had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.78%.

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.