Strs Ohio Takes $2.45 Million Position in Prosperity Bancshares, Inc. $PB

Key Points

• Strs Ohio acquired 34,324 shares of Prosperity Bancshares, Inc. during the first quarter, valued at approximately $2.45 million.
• The company announced a quarterly dividend of $0.58 to be paid on October 1st, representing an annualized yield of 3.5%.
• Prosperity Bancshares reported $1.42 EPS for the last quarter, beating analyst estimates, with revenues of $310.70 million.

Strs Ohio acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund acquired 34,324 shares of the bank's stock, valued at approximately $2,450,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Jane Street Group LLC boosted its position in shares of Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock worth $7,476,000 after buying an additional 67,712 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock worth $24,705,000 after buying an additional 17,345 shares in the last quarter. Dean Capital Management boosted its position in shares of Prosperity Bancshares by 2.4% in the 1st quarter. Dean Capital Management now owns 29,778 shares of the bank's stock worth $2,125,000 after buying an additional 697 shares in the last quarter. United Services Automobile Association purchased a new stake in shares of Prosperity Bancshares in the 1st quarter worth about $444,000. Finally, Caxton Associates LLP purchased a new stake in shares of Prosperity Bancshares in the 1st quarter worth about $341,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

PB traded down $0.98 on Friday, reaching $66.07. 1,895,862 shares of the company's stock were exchanged, compared to its average volume of 1,062,627. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The company's 50 day moving average is $68.31 and its 200-day moving average is $69.24. The company has a market cap of $6.28 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.00 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The firm had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same quarter last year, the firm posted $1.22 earnings per share. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.5%. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $65.84, for a total value of $32,920.00. Following the completion of the sale, the director owned 92,915 shares of the company's stock, valued at $6,117,523.60. This trade represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 15,400 shares of company stock valued at $1,067,419 over the last three months. 4.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Piper Sandler cut their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Citigroup reissued a "neutral" rating and issued a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Finally, Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 target price for the company. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $83.40.

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.