Fisher Asset Management LLC Decreases Position in Prosperity Bancshares, Inc. (NYSE:PB)

Fisher Asset Management LLC cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 8.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 273,071 shares of the bank’s stock after selling 23,702 shares during the period. Fisher Asset Management LLC owned 0.29% of Prosperity Bancshares worth $20,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Marshall Wace North America L.P. purchased a new stake in Prosperity Bancshares during the first quarter valued at approximately $35,000. Founders Capital Management bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $39,000. Capstone Triton Financial Group LLC bought a new position in shares of Prosperity Bancshares during the fourth quarter valued at approximately $64,000. CI Investments Inc. grew its stake in Prosperity Bancshares by 20.7% in the fourth quarter. CI Investments Inc. now owns 996 shares of the bank’s stock worth $69,000 after purchasing an additional 171 shares in the last quarter. Finally, Toronto Dominion Bank bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $138,000. Institutional investors and hedge funds own 76.72% of the company’s stock.

NYSE:PB opened at $74.47 on Tuesday. Prosperity Bancshares, Inc. has a 52 week low of $48.80 and a 52 week high of $83.02. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $6.92 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.37 and a beta of 1.37. The stock’s 50-day moving average price is $76.23 and its 200-day moving average price is $69.37.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Tuesday, April 27th. The bank reported $1.44 EPS for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.06. Prosperity Bancshares had a return on equity of 8.42% and a net margin of 37.67%. During the same quarter in the previous year, the firm posted $1.39 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.4 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Monday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 39.04%.

In related news, Director George A. Fisk sold 1,733 shares of Prosperity Bancshares stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $79.31, for a total value of $137,444.23. Following the sale, the director now directly owns 94,011 shares in the company, valued at approximately $7,456,012.41. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director George A. Fisk sold 2,000 shares of Prosperity Bancshares stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $78.17, for a total value of $156,340.00. Following the completion of the sale, the director now owns 95,744 shares in the company, valued at $7,484,308.48. The disclosure for this sale can be found here. 4.01% of the stock is owned by company insiders.

PB has been the subject of a number of research analyst reports. Bank of America lowered Prosperity Bancshares from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 7th. Morgan Stanley raised their target price on Prosperity Bancshares from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 24th. Truist Securities raised their target price on Prosperity Bancshares from $78.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday, March 15th. Truist increased their price target on Prosperity Bancshares from $78.00 to $88.00 in a research report on Monday, March 8th. Finally, Raymond James increased their price target on Prosperity Bancshares from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $72.70.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts; and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

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Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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