Kingsview Wealth Management LLC Cuts Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Kingsview Wealth Management LLC lessened its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 7.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,735 shares of the bank’s stock after selling 3,000 shares during the period. Kingsview Wealth Management LLC’s holdings in Prosperity Bancshares were worth $2,720,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP grew its stake in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 3.0% during the 2nd 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 in the last quarter. Amarillo National Bank purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at $8,520,000. Thrivent Financial for Lutherans boosted its stake in shares of Prosperity Bancshares by 16.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Prosperity Bancshares by 52.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after acquiring an additional 77,039 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

NYSE:PB opened at $84.30 on Monday. The stock has a market capitalization of $8.03 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 1.26 and a beta of 0.89. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $85.13. The business’s 50-day simple moving average is $74.83 and its 200-day simple moving average is $69.08.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The firm 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 quarter in the prior year, the company earned $1.20 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

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

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the sale, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.28% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Hovde Group lifted their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Barclays increased their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, October 24th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted 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 assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

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.