Harbor Capital Advisors Inc. Decreases Position in Prosperity Bancshares, Inc. $PB

Harbor Capital Advisors Inc. cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 70.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,604 shares of the bank’s stock after selling 18,507 shares during the period. Harbor Capital Advisors Inc.’s holdings in Prosperity Bancshares were worth $505,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Steph & Co. purchased a new position in shares of Prosperity Bancshares in the second quarter worth about $38,000. Employees Retirement System of Texas purchased a new position in Prosperity Bancshares in the 2nd quarter worth approximately $48,000. Osaic Holdings Inc. increased its stake in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the period. IFP Advisors Inc lifted its position in Prosperity Bancshares by 1,251.4% in the second 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. Finally, Parallel Advisors LLC boosted its stake in shares of Prosperity Bancshares by 16.8% during 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. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the sale, the director directly owned 107,937 shares of the company’s stock, valued at $7,637,622.12. This represents a 0.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $66.62, for a total transaction of $39,972.00. Following the completion of the transaction, the director owned 43,800 shares of the company’s stock, valued at approximately $2,917,956. The trade was a 1.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 15,050 shares of company stock valued at $1,022,898. 4.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PB has been the subject of a number of recent analyst reports. Royal Bank Of Canada lowered their price target on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a report on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Citigroup reissued a “neutral” rating and issued a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Stephens boosted their price target on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Barclays increased their price objective on Prosperity Bancshares from $82.00 to $83.00 and gave the stock an “equal weight” rating in a report on Friday, December 19th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.62.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $70.30 on Monday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $82.75. The stock has a market capitalization of $6.68 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.04 and a beta of 0.70. The company’s 50-day moving average is $68.11 and its 200 day moving average is $68.20.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the prior year, the business earned $1.34 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Research analysts anticipate 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. Shareholders of record on Monday, December 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. Prosperity Bancshares’s dividend payout ratio is currently 42.78%.

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.