Quantbot Technologies LP Buys Shares of 76,252 Prosperity Bancshares, Inc. $PB

Quantbot Technologies LP bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, Holdings Channel reports. The institutional investor bought 76,252 shares of the bank’s stock, valued at approximately $5,059,000.

Other large investors also recently modified their holdings of the company. Mather Group LLC. bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at about $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new position in Prosperity Bancshares in the third quarter valued at approximately $42,000. Employees Retirement System of Texas bought a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $48,000. Osaic Holdings Inc. raised its position in shares of Prosperity Bancshares by 34.9% during 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. Finally, Cornerstone Planning Group LLC raised its position in shares of Prosperity Bancshares by 18,633.3% during the 3rd quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock worth $75,000 after purchasing an additional 1,118 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PB. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Finally, Piper Sandler lowered shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $77.00 to $74.00 in a research note on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $78.77.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $42,048.00. Following the transaction, the director owned 42,900 shares in the company, valued at $3,006,432. This trade represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harrison Stafford II sold 800 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $70.76, for a total value of $56,608.00. Following the completion of the sale, the director owned 107,937 shares of the company’s stock, valued at $7,637,622.12. This trade represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 15,050 shares of company stock worth $1,075,486 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $70.33 on Friday. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 0.99 and a beta of 0.67. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.92. The business has a fifty day moving average of $71.80 and a 200-day moving average of $68.86.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company’s revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.37 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is currently 41.88%.

About Prosperity Bancshares

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.