Jupiter Topco LLC Acquires Shares of 45,220 Prosperity Bancshares, Inc. $PB

Jupiter Topco LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 45,220 shares of the bank’s stock, valued at approximately $3,306,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PB. BlackRock Inc. acquired a new position in shares of Prosperity Bancshares during the second quarter worth about $746,776,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Prosperity Bancshares in the second quarter valued at about $350,099,000. AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after purchasing an additional 1,516,939 shares in the last quarter. Algebris UK Ltd. purchased a new stake in Prosperity Bancshares in the 2nd quarter valued at approximately $59,465,000. Finally, Bank of New York Mellon Corp acquired a new position in Prosperity Bancshares during the 2nd quarter worth approximately $57,877,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

PB stock opened at $70.70 on Wednesday. The firm has a 50 day moving average of $73.13 and a 200-day moving average of $70.45. The company has a market cap of $7.13 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 0.78 and a beta of 0.63. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company’s revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.42 EPS. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s payout ratio is presently 41.59%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Benchmark started coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Citigroup boosted their target price on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average target price of $78.36.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total value of $43,908.00. Following the sale, the director directly owned 39,100 shares in the company, valued at $2,861,338. This represents a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 11,000 shares of company stock valued at $802,722 over the last quarter. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares Company 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.