Algebris UK Ltd. Has $61.71 Million Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Algebris UK Ltd. sharply increased its stake in Prosperity Bancshares by 67.8% in the fourth quarter, ending with 892,489 shares valued at about $61.7 million. The bank stock now represents about 2.9% of the firm’s portfolio.
• Prosperity Bancshares posted better-than-expected quarterly results, reporting EPS of $1.50 versus the $1.41 consensus and revenue of $367.62 million, up 19.9% year over year. Analysts now expect full-year EPS of 6.24.
• The company declared a quarterly dividend of $0.60 per share, payable July 1 to shareholders of record on June 15, implying an annualized yield of about 3.5%. Separately, analyst sentiment remains mixed, with a consensus rating of Hold and an average target price of $76.82.

Algebris UK Ltd. lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 67.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 892,489 shares of the bank's stock after acquiring an additional 360,758 shares during the quarter. Prosperity Bancshares makes up about 2.9% of Algebris UK Ltd.'s portfolio, making the stock its 2nd biggest holding. Algebris UK Ltd. owned 0.94% of Prosperity Bancshares worth $61,709,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PB. Community Bank N.A. bought a new position in shares of Prosperity Bancshares during the 3rd quarter worth approximately $29,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares during the 3rd quarter worth approximately $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Prosperity Bancshares during the 3rd quarter worth approximately $42,000. Osaic Holdings Inc. boosted its stake in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after acquiring an additional 186 shares during the period. Finally, True Wealth Design LLC boosted its stake in shares of Prosperity Bancshares by 179.6% during the 4th quarter. True Wealth Design LLC now owns 945 shares of the bank's stock worth $65,000 after acquiring an additional 607 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on PB shares. Wall Street Zen upgraded Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Barclays downgraded Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and reduced their target price for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Piper Sandler lifted their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Janney Montgomery Scott cut Prosperity Bancshares from a "buy" rating to a "neutral" rating in a report on Tuesday, February 3rd. Finally, DA Davidson reissued a "neutral" rating and set a $76.00 price target on shares of Prosperity Bancshares in a report on Thursday, January 29th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $76.82.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $69.01 on Thursday. The stock has a market capitalization of $6.96 billion, a PE ratio of 12.50, a P/E/G ratio of 1.04 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The business has a fifty day moving average price of $67.63 and a two-hundred day moving average price of $69.47. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm 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 company's quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.37 EPS. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 6.24 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.5%. Prosperity Bancshares's payout ratio is currently 43.48%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $71.30, for a total value of $42,780.00. Following the completion of the transaction, the director directly owned 41,700 shares of the company's stock, valued at $2,973,210. The trade was a 1.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 13,200 shares of company stock valued at $901,592. 3.96% of the stock is owned by insiders.

Prosperity Bancshares Company 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.

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