PNC Financial Services Group Inc. Purchases 249 Shares of Prosperity Bancshares, Inc. $PB

PNC Financial Services Group Inc. increased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 9.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,968 shares of the bank’s stock after acquiring an additional 249 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Prosperity Bancshares were worth $212,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Wealthquest Corp bought a new position in Prosperity Bancshares in the 1st quarter worth $811,000. Natixis Advisors LLC increased its holdings in shares of Prosperity Bancshares by 2.1% during the 1st quarter. Natixis Advisors LLC now owns 213,689 shares of the bank’s stock worth $15,251,000 after purchasing an additional 4,391 shares during the period. North Star Asset Management Inc. increased its holdings in shares of Prosperity Bancshares by 0.7% during the 1st quarter. North Star Asset Management Inc. now owns 221,957 shares of the bank’s stock worth $15,841,000 after purchasing an additional 1,461 shares during the period. Vestcor Inc bought a new position in shares of Prosperity Bancshares during the 1st quarter worth about $482,000. Finally, XTX Topco Ltd increased its holdings in shares of Prosperity Bancshares by 62.0% during the 1st quarter. XTX Topco Ltd now owns 4,585 shares of the bank’s stock worth $327,000 after purchasing an additional 1,754 shares during the period. Institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the transaction, the director directly owned 45,700 shares in the company, valued at $3,239,673. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 14,300 shares of company stock valued at $1,002,309 in the last quarter. 4.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PB shares. Royal Bank Of Canada dropped their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, May 5th. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a “buy” rating and a $85.00 price objective on the stock. Piper Sandler dropped their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a report on Thursday, July 24th. Finally, Hovde Group lowered their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Thursday, July 24th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $84.57.

Prosperity Bancshares Stock Down 1.6%

NYSE:PB opened at $67.19 on Monday. The firm has a market cap of $6.38 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The company’s 50-day moving average price is $69.75 and its two-hundred day moving average price is $70.87.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the previous year, the business earned $1.22 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares’s payout ratio is 42.18%.

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.