Thrivent Financial for Lutherans Decreases Stock Holdings in Prosperity Bancshares, Inc. $PB

Thrivent Financial for Lutherans cut its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 96.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,806 shares of the bank’s stock after selling 745,749 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Prosperity Bancshares were worth $1,978,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PB. AlphaQuest LLC grew its stake in shares of Prosperity Bancshares by 138.8% in the third quarter. AlphaQuest LLC now owns 73,221 shares of the bank’s stock valued at $4,858,000 after buying an additional 42,560 shares in the last quarter. Arizona State Retirement System lifted its position in Prosperity Bancshares by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 28,195 shares of the bank’s stock worth $1,871,000 after acquiring an additional 394 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Prosperity Bancshares in the 3rd quarter worth approximately $42,000. Belpointe Asset Management LLC grew its position in Prosperity Bancshares by 5.1% in the third quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after acquiring an additional 176 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Prosperity Bancshares by 8.8% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 10,320 shares of the bank’s stock valued at $685,000 after purchasing an additional 834 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. DA Davidson restated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Hovde Group boosted their price objective on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $78.77.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $76.08, for a total transaction of $38,040.00. Following the sale, the director directly owned 82,415 shares of the company’s stock, valued at approximately $6,270,133.20. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 16,150 shares of company stock worth $1,145,403 in the last three months. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Stock Performance

PB opened at $76.08 on Thursday. The company has a market capitalization of $7.23 billion, a P/E ratio of 13.28, a PEG ratio of 1.06 and a beta of 0.67. The company has a 50-day moving average of $71.63 and a 200-day moving average of $68.36. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $79.03.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping the consensus estimate of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.37 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 annualized dividend and a yield of 3.2%. Prosperity Bancshares’s payout ratio is presently 41.88%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.