UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 15,475 Shares of Prosperity Bancshares, Inc. $PB

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 196,848 shares of the bank’s stock after selling 15,475 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Prosperity Bancshares were worth $14,376,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PB. Gator Capital Management LLC purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $2,051,000. Bull Harbor Capital LLC purchased a new position in Prosperity Bancshares in the 1st quarter worth approximately $1,019,000. First National Bank of Omaha purchased a new position in Prosperity Bancshares in the 4th quarter worth approximately $6,390,000. Bank of New York Mellon Corp bought a new position in Prosperity Bancshares in the 2nd quarter worth approximately $57,877,000. Finally, SummitTX Capital L.P. purchased a new stake in Prosperity Bancshares during the 1st quarter valued at approximately $3,878,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.6%

Shares of NYSE:PB opened at $72.85 on Friday. The company has a market cap of $7.35 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 0.79 and a beta of 0.63. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $73.08 and a 200 day moving average price of $70.45.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. 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 payout ratio is presently 41.59%.

Insiders Place Their Bets

In other news, Director Ned Holmes sold 600 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $71.39, for a total value of $42,834.00. Following the sale, the director owned 40,200 shares of the company’s stock, valued at approximately $2,869,878. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 12,100 shares of company stock worth $881,656 in the last quarter. Insiders own 3.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Morgan Stanley restated an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Piper Sandler lifted their target price on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Citigroup increased their price target on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $78.36.

About Prosperity Bancshares

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.