Prosperity Bancshares, Inc. $PB Shares Sold by Olympiad Research LP

Olympiad Research LP decreased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 26.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,897 shares of the bank’s stock after selling 1,053 shares during the quarter. Olympiad Research LP’s holdings in Prosperity Bancshares were worth $203,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Steph & Co. acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Prosperity Bancshares during the 1st quarter valued at about $48,000. IFP Advisors Inc grew its stake in Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after purchasing an additional 901 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Prosperity Bancshares by 33.8% in the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock worth $69,000 after purchasing an additional 249 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $67.36, for a total value of $40,416.00. Following the transaction, the director owned 44,400 shares in the company, valued at approximately $2,990,784. This represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 14,300 shares of company stock worth $950,368 in the last three months. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Trading Down 0.2%

NYSE:PB opened at $66.78 on Friday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75. The company has a market cap of $6.34 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.97 and a beta of 0.75. The company’s 50-day moving average price is $65.60 and its 200-day moving average price is $68.32.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.45. The company had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio is presently 42.78%.

Wall Street Analysts Forecast Growth

PB has been the topic of several research reports. Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 price target on the stock. Stephens increased their price objective on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Barclays decreased their target price on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a research report on Tuesday. Piper Sandler cut their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $80.21.

About Prosperity Bancshares

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.