Hunter Perkins Capital Management LLC Reduces Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Hunter Perkins Capital Management LLC decreased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 3.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 215,556 shares of the bank’s stock after selling 7,807 shares during the quarter. Prosperity Bancshares accounts for about 3.1% of Hunter Perkins Capital Management LLC’s investment portfolio, making the stock its 10th biggest position. Hunter Perkins Capital Management LLC owned about 0.24% of Prosperity Bancshares worth $13,343,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quadrant Capital Group LLC increased its stake in Prosperity Bancshares by 49.1% in the third quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock valued at $29,000 after acquiring an additional 144 shares during the period. Zions Bancorporation N.A. bought a new stake in Prosperity Bancshares in the fourth quarter valued at about $30,000. Covestor Ltd increased its stake in Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after acquiring an additional 315 shares during the period. Steward Partners Investment Advisory LLC increased its stake in Prosperity Bancshares by 73.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after acquiring an additional 300 shares during the period. Finally, MADDEN SECURITIES Corp bought a new stake in Prosperity Bancshares in the fourth quarter valued at about $74,000. Institutional investors own 77.68% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director L. Jack Lord acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The shares were acquired at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the completion of the acquisition, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PB. Morgan Stanley cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $58.00 to $60.00 in a research note on Tuesday, May 16th. DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price objective on the stock in a research note on Monday, March 13th. Raymond James decreased their price objective on shares of Prosperity Bancshares from $85.00 to $70.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Wolfe Research raised shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price objective on the stock in a research note on Wednesday, May 3rd. Finally, Truist Financial decreased their price objective on shares of Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating on the stock in a research note on Thursday, March 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $73.73.

Prosperity Bancshares Trading Down 1.7 %

Shares of PB stock opened at $55.49 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $55.12 and a 1 year high of $78.76. The firm’s 50 day moving average is $59.80 and its 200-day moving average is $66.48. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 9.62, a PEG ratio of 1.03 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Rating) last announced its earnings results on Wednesday, April 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. The company had revenue of $365.58 million for the quarter, compared to analyst estimates of $285.02 million. During the same period in the prior year, the business earned $1.33 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.37 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 Monday, July 3rd. Stockholders of record on Thursday, June 15th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.96%. Prosperity Bancshares’s payout ratio is 38.13%.

About Prosperity Bancshares

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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; 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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