Covestor Ltd Sells 935 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Covestor Ltd trimmed its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 48.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 988 shares of the bank’s stock after selling 935 shares during the period. Covestor Ltd’s holdings in Prosperity Bancshares were worth $65,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PB. Lord Abbett & CO. LLC increased its stake in shares of Prosperity Bancshares by 0.4% during the first quarter. Lord Abbett & CO. LLC now owns 134,527 shares of the bank’s stock worth $8,849,000 after purchasing an additional 507 shares during the period. Kingsview Wealth Management LLC bought a new position in Prosperity Bancshares during the 1st quarter worth $2,343,000. Russell Investments Group Ltd. lifted its holdings in shares of Prosperity Bancshares by 9.7% during the first quarter. Russell Investments Group Ltd. now owns 215,478 shares of the bank’s stock worth $14,173,000 after buying an additional 19,113 shares in the last quarter. Tectonic Advisors LLC boosted its position in shares of Prosperity Bancshares by 11.8% in the first quarter. Tectonic Advisors LLC now owns 6,164 shares of the bank’s stock valued at $405,000 after acquiring an additional 651 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Prosperity Bancshares by 363.4% in the first quarter. SG Americas Securities LLC now owns 23,665 shares of the bank’s stock valued at $1,557,000 after acquiring an additional 18,558 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Finally, Truist Financial dropped their price objective on Prosperity Bancshares from $75.00 to $68.00 and set a “buy” rating for the company in a report on Monday, July 8th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $68.77.

Prosperity Bancshares Price Performance

PB stock opened at $71.25 on Thursday. The company’s 50-day moving average is $61.84 and its 200-day moving average is $62.74. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $72.60. The stock has a market capitalization of $6.84 billion, a PE ratio of 16.42, a price-to-earnings-growth ratio of 1.54 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million for the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter in the prior year, the business posted $1.37 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.14%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

About Prosperity Bancshares

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.