AlphaQuest LLC Purchases Shares of 43,220 Prosperity Bancshares, Inc. $PB

Key Points

• AlphaQuest LLC has acquired a new stake in Prosperity Bancshares, purchasing 43,220 shares valued at approximately $3,085,000, which constitutes roughly 0.3% of its portfolio.
• Prosperity Bancshares reported $1.42 earnings per share for the last quarter, surpassing analysts' expectations of $1.40, although its revenue fell short of estimates at $310.70 million.
• The company declared a quarterly dividend of $0.58 per share, with an annualized yield of 3.4%, set to be paid on October 1st to investors of record.

AlphaQuest LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 43,220 shares of the bank's stock, valued at approximately $3,085,000. Prosperity Bancshares makes up approximately 0.3% of AlphaQuest LLC's investment portfolio, making the stock its 17th largest position.

Several other large investors have also recently added to or reduced their stakes in PB. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares during the first quarter worth about $48,000. Quarry LP purchased a new position in Prosperity Bancshares during the fourth quarter worth about $88,000. Fifth Third Bancorp raised its holdings in Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares in the last quarter. Chilton Capital Management LLC purchased a new position in Prosperity Bancshares in the first quarter valued at about $105,000. Finally, Quantbot Technologies LP purchased a new position in Prosperity Bancshares in the first quarter valued at about $197,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $67.35, for a total transaction of $33,675.00. Following the sale, the director owned 94,915 shares in the company, valued at approximately $6,392,525.25. This trade represents a 0.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 14,300 shares of company stock worth $998,411 in the last quarter. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PB. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Piper Sandler dropped their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Citigroup increased their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a report on Tuesday. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $84.13.

Prosperity Bancshares Stock Performance

PB stock traded up $0.36 on Tuesday, reaching $69.45. The company had a trading volume of 1,105,737 shares, compared to its average volume of 693,027. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The company's fifty day moving average is $69.61 and its 200 day moving average is $70.37. The company has a market cap of $6.60 billion, a P/E ratio of 12.63, a PEG ratio of 1.05 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business earned $1.22 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Prosperity Bancshares Company Profile

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.