OLD National Bancorp IN Sells 6,904 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

OLD National Bancorp IN trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 32.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,131 shares of the bank’s stock after selling 6,904 shares during the period. OLD National Bancorp IN’s holdings in Prosperity Bancshares were worth $957,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. National Bank of Canada FI bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth $1,345,000. SG Americas Securities LLC lifted its holdings in shares of Prosperity Bancshares by 36.9% in the 3rd quarter. SG Americas Securities LLC now owns 30,845 shares of the bank’s stock worth $1,684,000 after purchasing an additional 8,320 shares in the last quarter. Impact Partnership Wealth LLC bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth $151,000. Sather Financial Group Inc lifted its holdings in shares of Prosperity Bancshares by 198.2% in the 3rd quarter. Sather Financial Group Inc now owns 17,527 shares of the bank’s stock worth $957,000 after purchasing an additional 11,649 shares in the last quarter. Finally, Country Club Bank GFN bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth $4,630,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Up 1.3 %

PB stock opened at $62.70 on Wednesday. The firm has a market capitalization of $5.86 billion, a PE ratio of 13.84, a PEG ratio of 1.25 and a beta of 0.93. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $68.88. The stock has a 50-day simple moving average of $62.54 and a two-hundred day simple moving average of $61.53.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $413.00 million during the quarter, compared to analyst estimates of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same quarter in the previous year, the firm earned $1.51 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s payout ratio is presently 49.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research note on Wednesday, February 7th. Truist Financial reaffirmed a “buy” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays assumed coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price for the company. Finally, Raymond James raised their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average target price of $68.79.

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.