Massachusetts Financial Services Co. MA Sells 16,823 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Massachusetts Financial Services Co. MA lessened its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,309,130 shares of the bank’s stock after selling 16,823 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.42% of Prosperity Bancshares worth $166,419,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the period. Dimensional Fund Advisors LP increased its position in Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Prosperity Bancshares by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after buying an additional 19,224 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Prosperity Bancshares by 4.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock valued at $60,219,000 after acquiring an additional 36,480 shares during the period. Finally, Thrivent Financial for Lutherans grew its stake in shares of Prosperity Bancshares by 0.9% in the third quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank’s stock worth $59,007,000 after acquiring an additional 6,972 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PB. Hovde Group increased their price target on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Compass Point lifted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Finally, Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at $9,597,887.40. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.28% of the stock is owned by corporate insiders.

Prosperity Bancshares Trading Up 2.5 %

Shares of Prosperity Bancshares stock opened at $84.36 on Friday. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 17.91, a P/E/G ratio of 1.23 and a beta of 0.89. The firm’s 50-day moving average price is $74.60 and its two-hundred day moving average price is $68.86. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $85.13.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same period in the prior year, the company earned $1.20 EPS. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.75%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is currently 47.56%.

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.