Quantbot Technologies LP Takes $5.06 Million Position in Prosperity Bancshares, Inc. $PB

Quantbot Technologies LP bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 76,252 shares of the bank’s stock, valued at approximately $5,059,000. Quantbot Technologies LP owned 0.08% of Prosperity Bancshares at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PB. Y Intercept Hong Kong Ltd grew its holdings in Prosperity Bancshares by 231.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 53,875 shares of the bank’s stock valued at $3,575,000 after purchasing an additional 37,602 shares during the period. Boston Partners raised its stake in Prosperity Bancshares by 68.9% during the second quarter. Boston Partners now owns 554,502 shares of the bank’s stock worth $38,945,000 after purchasing an additional 226,232 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Prosperity Bancshares by 634.1% in the 3rd quarter. SG Americas Securities LLC now owns 16,371 shares of the bank’s stock valued at $1,086,000 after purchasing an additional 14,141 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at $1,488,000. Finally, Angel Oak Capital Advisors LLC increased its holdings in shares of Prosperity Bancshares by 39.0% during the 2nd quarter. Angel Oak Capital Advisors LLC now owns 13,900 shares of the bank’s stock worth $976,000 after buying an additional 3,900 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Leah Henderson sold 1,050 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total transaction of $76,650.00. Following the sale, the director owned 8,075 shares in the company, valued at $589,475. This represents a 11.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Harrison Stafford II sold 800 shares of Prosperity Bancshares 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 transaction, the director owned 107,937 shares of the company’s stock, valued at approximately $7,637,622.12. The trade was a 0.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 15,050 shares of company stock valued at $1,075,486. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research analyst reports. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Piper Sandler lowered shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price target for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Finally, DA Davidson reiterated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and a consensus target price of $78.77.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $70.33 on Friday. The business’s 50-day simple moving average is $71.80 and its 200 day simple moving average is $68.86. The company has a market cap of $6.68 billion, a P/E ratio of 12.27, a PEG ratio of 0.99 and a beta of 0.67. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.92.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. During the same period in the prior year, the firm earned $1.37 earnings per share. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. Analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced 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 is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is 41.88%.

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.