Geode Capital Management LLC Acquires 11,606 Shares of Prosperity Bancshares, Inc. $PB

Geode Capital Management LLC raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,788,114 shares of the bank’s stock after acquiring an additional 11,606 shares during the quarter. Geode Capital Management LLC owned approximately 1.88% of Prosperity Bancshares worth $125,615,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PB. Steph & Co. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares in the first quarter worth about $48,000. IFP Advisors Inc lifted its position in shares of Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after buying an additional 901 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after buying an additional 141 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after buying an additional 249 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $65.57, for a total transaction of $32,785.00. Following the completion of the transaction, the director owned 88,415 shares of the company’s stock, valued at $5,797,371.55. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 14,300 shares of company stock valued at $948,416 in the last quarter. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Up 1.2%

Shares of NYSE:PB opened at $66.28 on Thursday. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $86.75. The stock has a market cap of $6.30 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.97 and a beta of 0.75. The business has a 50-day moving average price of $65.49 and a 200-day moving average price of $68.25.

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

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a $0.60 dividend. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. Prosperity Bancshares’s payout ratio is currently 42.78%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PB shares. 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. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Raymond James Financial reissued an “outperform” rating and issued a $77.00 price objective (up previously from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Piper Sandler dropped their target price on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Finally, Citigroup restated a “neutral” rating and set a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.