Commerce Bank Purchases Shares of 6,878 Prosperity Bancshares, Inc. $PB

Commerce Bank purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, HoldingsChannel reports. The institutional investor purchased 6,878 shares of the bank’s stock, valued at approximately $502,000.

Several other institutional investors and hedge funds also recently modified their holdings of PB. Vanguard Group Inc. raised its position in Prosperity Bancshares by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after buying an additional 140,035 shares during the last quarter. BlackRock Inc. acquired a new position in Prosperity Bancshares during the 2nd quarter worth approximately $746,776,000. State Street Corp boosted its position in Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after acquiring an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after acquiring an additional 205,291 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Prosperity Bancshares by 34.5% during the 4th quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after acquiring an additional 1,179,307 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.69, for a total transaction of $40,614.00. Following the transaction, the director directly owned 40,300 shares in the company, valued at approximately $2,727,907. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 12,100 shares of company stock worth $877,186 in the last 90 days. 3.96% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Benchmark started coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating for the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. TD Cowen lifted their price target on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Royal Bank Of Canada lifted their price target on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $78.36.

Prosperity Bancshares Stock Down 0.5%

PB stock opened at $72.72 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $73.14 and a two-hundred day moving average price of $70.53. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 12.60, a P/E/G ratio of 0.80 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm had revenue of $369.18 million for the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the previous year, the firm earned $1.42 EPS. The business’s quarterly revenue was up 25.9% on a year-over-year basis. Analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

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.