Martin & Co. Inc. TN Sells 1,033 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Martin & Co. Inc. TN reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 28,888 shares of the bank’s stock after selling 1,033 shares during the period. Martin & Co. Inc. TN’s holdings in Prosperity Bancshares were worth $2,177,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PB. CWM LLC lifted its holdings in Prosperity Bancshares by 29.3% in the third quarter. CWM LLC now owns 7,803 shares of the bank’s stock valued at $562,000 after buying an additional 1,766 shares during the period. Creative Planning raised its holdings in Prosperity Bancshares by 17.2% in the third quarter. Creative Planning now owns 3,909 shares of the bank’s stock worth $282,000 after purchasing an additional 574 shares during the period. Blue Trust Inc. raised its holdings in Prosperity Bancshares by 181.6% in the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock worth $62,000 after purchasing an additional 554 shares during the period. Raymond James & Associates raised its holdings in Prosperity Bancshares by 7.0% in the third quarter. Raymond James & Associates now owns 31,942 shares of the bank’s stock worth $2,302,000 after purchasing an additional 2,082 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Prosperity Bancshares by 21.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 272,331 shares of the bank’s stock worth $19,627,000 after purchasing an additional 48,719 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of PB opened at $77.81 on Monday. The firm has a 50-day moving average of $77.79 and a 200-day moving average of $75.75. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The company has a market cap of $7.41 billion, a PE ratio of 15.38, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share for the quarter, topping 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%. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 45.85%.

Insiders Place Their Bets

In related news, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now directly owns 229,953 shares of the company’s stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total transaction of $40,720.00. Following the sale, the director now directly owns 113,815 shares in the company, valued at $9,269,093.60. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,600 shares of company stock worth $1,273,279 in the last quarter. 4.28% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PB has been the topic of several analyst reports. UBS Group cut their target price on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, December 26th. Wedbush restated an “outperform” rating and set a $90.00 price objective on shares of Prosperity Bancshares in a report on Thursday, October 24th. Wolfe Research restated a “peer perform” rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Stephens raised their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Bank of America upgraded shares of Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price objective on the stock in a report on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average target price of $82.88.

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.