Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 811,348 shares of the bank’s stock after selling 7,396 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Prosperity Bancshares were worth $61,135,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Corient Private Wealth LLC grew its stake in Prosperity Bancshares by 12.5% during the 4th quarter. Corient Private Wealth LLC now owns 56,506 shares of the bank’s stock valued at $4,263,000 after acquiring an additional 6,282 shares in the last quarter. Avantax Advisory Services Inc. grew its position in shares of Prosperity Bancshares by 45.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank’s stock valued at $549,000 after purchasing an additional 2,263 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Prosperity Bancshares by 18.9% in the fourth quarter. HighTower Advisors LLC now owns 25,756 shares of the bank’s stock valued at $1,941,000 after purchasing an additional 4,096 shares during the last quarter. Wealthfront Advisers LLC purchased a new position in Prosperity Bancshares during the fourth quarter worth approximately $1,288,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Prosperity Bancshares by 5.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,358 shares of the bank’s stock worth $1,233,000 after buying an additional 841 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PB has been the subject of a number of analyst reports. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target for the company in a report on Tuesday, January 7th. Raymond James upped their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Prosperity Bancshares in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $83.50.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total value of $37,625.00. Following the transaction, the director now owns 109,815 shares in the company, valued at approximately $8,263,578.75. This represents a 0.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 5,500 shares of company stock valued at $418,095. Insiders own 4.28% of the company’s stock.

Prosperity Bancshares Trading Up 1.0 %

Prosperity Bancshares stock opened at $71.34 on Thursday. The firm has a market capitalization of $6.80 billion, a P/E ratio of 14.10, a P/E/G ratio of 0.94 and a beta of 0.94. The stock’s fifty day simple moving average is $76.58 and its 200-day simple moving average is $76.21. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

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.