Premier Fund Managers Ltd Has $35.26 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Premier Fund Managers Ltd lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 500,204 shares of the bank’s stock after buying an additional 204 shares during the quarter. Premier Fund Managers Ltd owned about 0.53% of Prosperity Bancshares worth $35,260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PB. Norges Bank acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $68,986,000. North Reef Capital Management LP acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $29,211,000. Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 25.1% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank’s stock valued at $79,404,000 after purchasing an additional 223,355 shares during the last quarter. Northern Trust Corp increased its position in Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock worth $70,611,000 after buying an additional 190,449 shares during the period. Finally, ExodusPoint Capital Management LP increased its position in Prosperity Bancshares by 462.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock worth $12,793,000 after buying an additional 139,585 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $67.52 on Tuesday. The company has a market cap of $6.43 billion, a P/E ratio of 12.28, a PEG ratio of 1.01 and a beta of 0.68. The stock has a 50 day simple moving average of $70.64 and a two-hundred day simple moving average of $72.06. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. During the same quarter in the previous year, the company posted $1.22 earnings per share. On average, research 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 declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.44%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $70.21, for a total transaction of $35,105.00. Following the completion of the sale, the director owned 96,915 shares in the company, valued at approximately $6,804,402.15. This represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 12,500 shares of company stock worth $885,446 in the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PB. Jefferies Financial Group began coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a “buy” rating and a $85.00 price objective on the stock. Barclays lowered their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Keefe, Bruyette & Woods decreased their price target on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research report on Monday, May 5th. Finally, Piper Sandler decreased their price target on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $84.57.

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.