Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Jacobs Asset Management LLC

Jacobs Asset Management LLC cut its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 92.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,002 shares of the bank’s stock after selling 73,998 shares during the quarter. Jacobs Asset Management LLC’s holdings in Prosperity Bancshares were worth $433,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares during the period. Quarry LP increased its position in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC boosted its stake in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the second quarter valued at approximately $46,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Prosperity Bancshares by 190.0% during the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after acquiring an additional 534 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Raymond James cut shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research report on Tuesday, September 17th. Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the company from $81.00 to $79.00 in a research note on Friday, September 20th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Friday. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Barclays lifted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.95.

Prosperity Bancshares Price Performance

NYSE PB opened at $83.71 on Tuesday. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.75. The stock has a market capitalization of $7.97 billion, a PE ratio of 17.77, a PEG ratio of 1.25 and a beta of 0.92. The business has a fifty day moving average price of $76.18 and a two-hundred day moving average price of $69.96.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the prior year, the firm posted $1.20 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.77%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is 47.56%.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the completion of the transaction, the director now owns 113,815 shares in the company, valued at $9,269,093.60. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leah Henderson sold 1,100 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the transaction, the director now owns 7,525 shares of the company’s stock, valued at approximately $626,381. The trade was a 12.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,600 shares of company stock worth $562,594. 4.28% of the stock is currently owned by corporate insiders.

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.