OLD National Bancorp IN Sells 6,904 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

OLD National Bancorp IN lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 32.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,131 shares of the bank’s stock after selling 6,904 shares during the quarter. OLD National Bancorp IN’s holdings in Prosperity Bancshares were worth $957,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Natixis Advisors L.P. increased its holdings in Prosperity Bancshares by 64.1% in the 3rd quarter. Natixis Advisors L.P. now owns 44,415 shares of the bank’s stock valued at $2,424,000 after buying an additional 17,351 shares during the period. Amica Mutual Insurance Co. increased its position in shares of Prosperity Bancshares by 417.5% during the 3rd quarter. Amica Mutual Insurance Co. now owns 30,583 shares of the bank’s stock worth $1,669,000 after purchasing an additional 24,673 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $213,000. Panagora Asset Management Inc. increased its position in shares of Prosperity Bancshares by 131.3% during the 3rd quarter. Panagora Asset Management Inc. now owns 8,742 shares of the bank’s stock worth $477,000 after purchasing an additional 4,963 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth about $46,306,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $62.70 on Wednesday. The company’s 50 day simple moving average is $62.54 and its 200 day simple moving average is $61.53. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.25 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The firm had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. During the same quarter in the previous year, the firm posted $1.51 earnings per share. As a group, analysts predict that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s payout ratio is currently 49.45%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PB shares. Barclays started coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price for the company. Raymond James raised their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. Truist Financial restated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research report on Monday, April 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective for the company in a research report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.79.

Prosperity Bancshares 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.