Corebridge Financial Inc. Has $8.12 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Corebridge Financial Inc. trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 4.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 107,757 shares of the bank’s stock after selling 4,852 shares during the quarter. Corebridge Financial Inc.’s holdings in Prosperity Bancshares were worth $8,119,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in PB. Advisors Asset Management Inc. grew its stake in Prosperity Bancshares by 61.8% in the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after purchasing an additional 1,849 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock valued at $85,280,000 after buying an additional 6,518 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Prosperity Bancshares by 22.6% in the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock valued at $453,000 after buying an additional 1,157 shares in the last quarter. FMR LLC grew its stake in shares of Prosperity Bancshares by 69.9% in the 3rd quarter. FMR LLC now owns 7,736 shares of the bank’s stock valued at $558,000 after buying an additional 3,182 shares in the last quarter. Finally, Glenmede Trust Co. NA acquired a new position in Prosperity Bancshares in the third quarter worth approximately $294,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total value of $37,625.00. Following the sale, the director now directly owns 109,815 shares in the company, valued at $8,263,578.75. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 5,500 shares of company stock worth $416,135 over the last quarter. Company insiders own 4.28% of the company’s stock.

Prosperity Bancshares Trading Down 0.2 %

PB opened at $71.53 on Friday. The stock’s 50 day simple moving average is $75.99 and its 200-day simple moving average is $76.13. The stock has a market cap of $6.81 billion, a PE ratio of 14.14, a P/E/G ratio of 0.94 and a beta of 0.94. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Equities 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 declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 45.85%.

Analysts Set New Price Targets

PB has been the subject of a number of analyst reports. UBS Group reduced their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, December 26th. Bank of America raised shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective for the company in a research note on Tuesday, January 7th. Stephens increased their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Raymond James raised their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Morgan Stanley decreased their price target on Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $83.50.

Prosperity Bancshares Company 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.