Vanguard Group Inc. Has $708.86 Million Stock Position in Prosperity Bancshares, Inc. $PB

Vanguard Group Inc. lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 10,256,927 shares of the bank’s stock after acquiring an additional 140,035 shares during the period. Vanguard Group Inc. owned approximately 0.11% of Prosperity Bancshares worth $708,856,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mather Group LLC. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $26,000. Community Bank N.A. acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $29,000. Danske Bank A S acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter worth $42,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barclays downgraded Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Citigroup reissued a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Cantor Fitzgerald lifted their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. DA Davidson reissued a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 29th. Finally, Hovde Group lifted their target price on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, January 29th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $78.00.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $72.62, for a total value of $43,572.00. Following the completion of the transaction, the director owned 42,000 shares of the company’s stock, valued at $3,050,040. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 13,200 shares of company stock valued at $914,669 over the last three months. 3.96% of the stock is owned by insiders.

Prosperity Bancshares Stock Down 0.0%

PB stock opened at $69.32 on Monday. The company has a market cap of $7.03 billion, a PE ratio of 12.56, a price-to-earnings-growth ratio of 1.10 and a beta of 0.65. The business has a 50-day simple moving average of $68.17 and a 200 day simple moving average of $69.08. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.Prosperity Bancshares’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.37 earnings per share. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 6.23 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

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.