Y Intercept Hong Kong Ltd Purchases 37,602 Shares of Prosperity Bancshares, Inc. $PB

Y Intercept Hong Kong Ltd increased its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 231.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,875 shares of the bank’s stock after purchasing an additional 37,602 shares during the period. Y Intercept Hong Kong Ltd owned approximately 0.06% of Prosperity Bancshares worth $3,575,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PB. State Street Corp boosted its position in shares of Prosperity Bancshares by 3.2% during the second quarter. State Street Corp now owns 5,236,977 shares of the bank’s stock valued at $370,768,000 after buying an additional 160,740 shares during the period. AQR Capital Management LLC increased its holdings in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after purchasing an additional 1,516,939 shares during the period. Geode Capital Management LLC increased its stake in shares of Prosperity Bancshares by 0.7% during the second quarter. Geode Capital Management LLC now owns 1,788,114 shares of the bank’s stock valued at $125,615,000 after buying an additional 11,606 shares during the period. American Century Companies Inc. grew its holdings in Prosperity Bancshares by 4,674.9% during the 2nd quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock worth $100,227,000 after acquiring an additional 1,397,033 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its stake in Prosperity Bancshares by 8.2% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,373,974 shares of the bank’s stock worth $91,163,000 after buying an additional 104,340 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.7%

Shares of Prosperity Bancshares stock opened at $72.38 on Tuesday. The firm has a market capitalization of $6.87 billion, a P/E ratio of 12.90, a PEG ratio of 0.94 and a beta of 0.68. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $82.75. The company has a 50 day moving average price of $70.69 and a 200 day moving average price of $68.32.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The business had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the business earned $1.34 earnings per share. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is 42.78%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $74.29, for a total transaction of $37,145.00. Following the sale, the director directly owned 83,915 shares in the company, valued at $6,234,045.35. This represents a 0.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 16,150 shares of company stock worth $1,127,735. 4.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PB has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. TD Cowen restated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Finally, Stephens increased their target price on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $80.75.

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.