Vanguard Group Inc. Grows Position in Prosperity Bancshares, Inc. $PB

Vanguard Group Inc. raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 4.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,116,892 shares of the bank’s stock after acquiring an additional 465,227 shares during the quarter. Vanguard Group Inc. owned approximately 10.65% of Prosperity Bancshares worth $671,256,000 at the end of the most recent quarter.

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

Prosperity Bancshares Stock Down 4.2%

Shares of PB stock opened at $70.42 on Tuesday. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.92. The firm’s 50 day moving average price is $71.82 and its two-hundred day moving average price is $68.74. The stock has a market cap of $6.69 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 1.03 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS 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 the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.37 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed 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. This represents a $2.40 dividend on an annualized basis 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 Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $76.08, for a total value of $38,040.00. Following the completion of the sale, the director owned 82,415 shares of the company’s stock, valued at $6,270,133.20. This represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 15,050 shares of company stock valued at $1,073,264 over the last ninety days. 4.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PB. DA Davidson restated a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Hovde Group lifted their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, January 29th. Finally, TD Cowen reiterated a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $78.77.

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.