Vanguard Group Inc. Boosts Holdings in Prosperity Bancshares, Inc. $PB

Vanguard Group Inc. lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,116,892 shares of the bank’s stock after purchasing an additional 465,227 shares during the period. Vanguard Group Inc. owned about 0.11% of Prosperity Bancshares worth $671,256,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Prosperity Bancshares by 21.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after buying an additional 5,326 shares during the period. NewEdge Advisors LLC boosted its position in Prosperity Bancshares by 36.8% in the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock valued at $521,000 after buying an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after acquiring an additional 17,345 shares in the last quarter. Jane Street Group LLC increased its position in shares of Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after acquiring an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC acquired a new position in shares of Prosperity Bancshares in the second quarter worth about $359,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PB. Hovde Group raised their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. DA Davidson reissued a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Janney Montgomery Scott downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Finally, Piper Sandler downgraded shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $77.00 to $74.00 in a research report on Thursday, January 29th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Hold” and a consensus target price of $78.77.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $70.42 on Tuesday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.92. The firm has a market cap of $6.69 billion, a PE ratio of 12.29, a P/E/G ratio of 1.03 and a beta of 0.67. The firm’s 50 day moving average price is $71.82 and its two-hundred day moving average price is $68.74.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. Prosperity Bancshares’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.37 earnings per share. Equities analysts anticipate 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, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s payout ratio is currently 41.88%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $76.08, for a total value of $38,040.00. Following the transaction, the director owned 82,415 shares in the company, valued at approximately $6,270,133.20. This represents a 0.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 15,050 shares of company stock valued at $1,073,264. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares 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.