Amundi Takes $4.06 Million Position in Prosperity Bancshares, Inc. $PB

Key Points

• Amundi acquired 61,411 shares of Prosperity Bancshares, Inc. valued at approximately $4,060,000, increasing its ownership to about 0.06%.
• The company announced a quarterly dividend of $0.58 per share, yielding 3.4%, with an annualized payment of $2.32.
• Prosperity Bancshares reported earnings of $1.42 per share, exceeding the consensus estimate of $1.40, with total revenue of $310.70 million for the last quarter.

Amundi bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 61,411 shares of the bank's stock, valued at approximately $4,060,000. Amundi owned about 0.06% of Prosperity Bancshares as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PB. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Prosperity Bancshares during the first quarter worth approximately $48,000. Fifth Third Bancorp increased its position in shares of Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after purchasing an additional 396 shares during the last quarter. Quarry LP increased its position in shares of Prosperity Bancshares by 16.7% during the 1st quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after purchasing an additional 195 shares during the last quarter. Chilton Capital Management LLC purchased a new stake in Prosperity Bancshares during the 1st quarter valued at $105,000. Finally, State of Wyoming lifted its position in Prosperity Bancshares by 13.8% in the first quarter. State of Wyoming now owns 2,565 shares of the bank's stock worth $183,000 after buying an additional 311 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.70 during midday trading on Tuesday, hitting $65.16. 1,102,346 shares of the company's stock were exchanged, compared to its average volume of 1,001,771. The company has a market cap of $6.19 billion, a PE ratio of 11.85, a P/E/G ratio of 0.99 and a beta of 0.74. The firm has a 50-day moving average of $68.79 and a two-hundred day moving average of $69.38. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $315.66 million. During the same quarter in the prior year, the company earned $1.22 EPS. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total value of $33,595.00. Following the transaction, the director directly owned 93,415 shares in the company, valued at approximately $6,276,553.85. This trade represents a 0.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders sold 15,400 shares of company stock worth $1,069,500. 4.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PB has been the topic of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Piper Sandler cut their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Citigroup reissued a "neutral" rating and issued a $68.00 price objective (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday. Hovde Group dropped their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Finally, Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 price target on the stock. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $83.13.

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.