Prosperity Bancshares, Inc. $PB Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 96.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,806 shares of the bank’s stock after selling 745,749 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Prosperity Bancshares were worth $1,978,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC boosted its position in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after purchasing an additional 1,516,939 shares during the period. American Century Companies Inc. lifted its stake in Prosperity Bancshares by 4,674.9% in the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after buying an additional 1,397,033 shares during the last quarter. Norges Bank acquired a new position in shares of Prosperity Bancshares during the second quarter valued at $53,398,000. Algebris UK Ltd. grew its position in shares of Prosperity Bancshares by 128.5% during the third quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock worth $35,253,000 after acquiring an additional 299,064 shares during the last quarter. Finally, Boston Partners grew its position in shares of Prosperity Bancshares by 68.9% during the second quarter. Boston Partners now owns 554,502 shares of the bank’s stock worth $38,945,000 after acquiring an additional 226,232 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $76.08, for a total transaction of $38,040.00. Following the completion of the sale, the director directly owned 82,415 shares of the company’s stock, valued at $6,270,133.20. This trade represents a 0.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 16,150 shares of company stock worth $1,145,403. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Up 0.7%

NYSE:PB opened at $76.08 on Thursday. The business’s 50-day moving average price is $71.63 and its 200 day moving average price is $68.36. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $79.03. The firm has a market cap of $7.23 billion, a P/E ratio of 13.28, a PEG ratio of 1.06 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $317.73 million during the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PB. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Stephens raised their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Finally, Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $78.77.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.