Prosperity Bancshares, Inc. $PB Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 225,401 shares of the bank’s stock after buying an additional 21,156 shares during the quarter. Principal Financial Group Inc.’s holdings in Prosperity Bancshares were worth $15,142,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Sepio Capital LP boosted its stake in shares of Prosperity Bancshares by 2.4% during the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after acquiring an additional 133 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Prosperity Bancshares by 1.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after purchasing an additional 145 shares in the last quarter. Osaic Holdings Inc. raised its holdings in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the period. Public Employees Retirement System of Ohio raised its holdings in Prosperity Bancshares by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after purchasing an additional 228 shares during the period. Finally, Choreo LLC boosted its position in Prosperity Bancshares by 7.6% during the fourth quarter. Choreo LLC now owns 3,386 shares of the bank’s stock worth $239,000 after purchasing an additional 238 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.6%

PB stock opened at $72.63 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.76 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. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.17 and a beta of 0.63. The business’s 50-day moving average is $70.98 and its 200 day moving average is $70.16.

Prosperity Bancshares (NYSE:PB) last announced its 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 analysts’ expectations of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business’s revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.37 earnings per share. On average, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is currently 43.48%.

Analyst Upgrades and Downgrades

Several analysts have commented on PB shares. Citigroup raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, June 25th. Benchmark started coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. Weiss Ratings upgraded Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Morgan Stanley reissued an “equal weight” rating and issued a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Finally, Piper Sandler boosted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.36.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the transaction, the director owned 40,800 shares in the company, valued at approximately $2,840,496. This trade represents a 1.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 12,100 shares of company stock valued at $849,312. Company insiders own 3.96% of the company’s stock.

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.