Thrivent Financial for Lutherans Has $54.48 Million Stock Holdings in Prosperity Bancshares, Inc. $PB

Thrivent Financial for Lutherans lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.6% in the second quarter, Holdings Channel reports. The firm owned 775,555 shares of the bank’s stock after selling 37,593 shares during the period. Thrivent Financial for Lutherans’ holdings in Prosperity Bancshares were worth $54,475,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PB. Amundi bought a new stake in shares of Prosperity Bancshares during the first quarter worth $4,060,000. PNC Financial Services Group Inc. boosted its stake in Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after purchasing an additional 249 shares during the period. Sequoia Financial Advisors LLC bought a new position in Prosperity Bancshares during the 2nd quarter worth about $572,000. Boston Partners raised its stake in shares of Prosperity Bancshares by 68.9% in the 2nd quarter. Boston Partners now owns 554,502 shares of the bank’s stock valued at $38,945,000 after purchasing an additional 226,232 shares during the period. Finally, Praxis Investment Management Inc. acquired a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at about $298,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 0.9%

NYSE:PB opened at $72.82 on Monday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $82.75. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.07 and a beta of 0.70. The stock’s 50 day moving average price is $66.76 and its two-hundred day moving average price is $68.09.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the prior year, the firm posted $1.34 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed 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 is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s payout ratio is 41.35%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PB shares. Barclays reduced their price objective on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price objective on the stock. Citigroup reissued a “neutral” rating and issued a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Finally, Hovde Group cut shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 26th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $65.80, for a total value of $39,480.00. Following the sale, the director directly owned 44,000 shares of the company’s stock, valued at approximately $2,895,200. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the transaction, the director owned 8,075 shares of the company’s stock, valued at $589,475. The trade was a 11.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,150 shares of company stock worth $1,087,883 in the last ninety days. Insiders own 4.20% of the company’s stock.

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.