Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Bank of Nova Scotia

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 47.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,470 shares of the bank’s stock after selling 6,711 shares during the period. Bank of Nova Scotia’s holdings in Prosperity Bancshares were worth $543,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Quadrant Capital Group LLC lifted its position in Prosperity Bancshares by 49.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 437 shares of the bank’s stock worth $29,000 after acquiring an additional 144 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $34,000. Covestor Ltd grew its position in Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after buying an additional 315 shares during the last quarter. MADDEN SECURITIES Corp acquired a new position in Prosperity Bancshares in the 4th quarter valued at $74,000. Finally, Belpointe Asset Management LLC purchased a new position in Prosperity Bancshares during the 3rd quarter worth $101,000. 81.32% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director L. Jack Lord acquired 5,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was acquired at an average price of $62.04 per share, with a total value of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares in the company, valued at approximately $2,055,075. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Chairman H E. Timanus, Jr. acquired 1,000 shares of the business’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average cost of $62.90 per share, for a total transaction of $62,900.00. Following the acquisition, the chairman now directly owns 202,891 shares in the company, valued at approximately $12,761,843.90. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director L. Jack Lord bought 5,000 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The stock was bought at an average cost of $62.04 per share, for a total transaction of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The disclosure for this purchase can be found here. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Down 1.6 %

Shares of NYSE PB opened at $60.10 on Wednesday. The company’s 50-day moving average price is $61.00 and its 200 day moving average price is $68.88. Prosperity Bancshares, Inc. has a 52 week low of $56.72 and a 52 week high of $78.76. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 10.42, a PEG ratio of 1.14 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.33 by $0.04. The business had revenue of $365.58 million for the quarter, compared to analyst estimates of $285.02 million. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. During the same period in the prior year, the business earned $1.33 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.37 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend is Wednesday, June 14th. Prosperity Bancshares’s payout ratio is currently 38.13%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 target price on the stock in a report on Monday, March 13th. Janney Montgomery Scott upgraded Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Monday, March 13th. Truist Financial reduced their price target on Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. StockNews.com began coverage on Prosperity Bancshares in a report on Thursday, March 16th. They set a “sell” rating on the stock. Finally, Wolfe Research raised Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 target price for the company in a report on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.73.

Prosperity Bancshares Profile

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.