Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Laird Norton Wetherby Wealth Management LLC

Laird Norton Wetherby Wealth Management LLC lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,069 shares of the bank’s stock after selling 143 shares during the period. Laird Norton Wetherby Wealth Management LLC’s holdings in Prosperity Bancshares were worth $231,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PB. Smartleaf Asset Management LLC lifted its position in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after buying an additional 312 shares during the period. Jones Financial Companies Lllp lifted its position in Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after buying an additional 409 shares during the period. UMB Bank n.a. lifted its position in Prosperity Bancshares by 102.7% during the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after buying an additional 300 shares during the period. Aster Capital Management DIFC Ltd lifted its position in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock worth $69,000 after buying an additional 713 shares during the period. Finally, Blue Trust Inc. lifted its position in Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank’s stock worth $71,000 after buying an additional 128 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total value of $35,315.00. Following the completion of the sale, the director now directly owns 104,815 shares in the company, valued at approximately $7,403,083.45. The trade was a 0.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 5,500 shares of company stock worth $382,420 in the last three months. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $72.64 on Friday. The stock’s 50 day moving average price is $68.84 and its 200 day moving average price is $75.06. The firm has a market capitalization of $6.92 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same period in the previous year, the business earned $1.18 EPS. Prosperity Bancshares’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.19%. Prosperity Bancshares’s dividend payout ratio is presently 44.19%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PB. Keefe, Bruyette & Woods reduced their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, May 5th. Raymond James lifted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Hovde Group reduced their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Barclays reduced their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Finally, Morgan Stanley reduced their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.71.

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.