Amundi Buys New Holdings 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 purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 61,411 shares of the bank's stock, valued at approximately $4,060,000. Amundi owned about 0.06% of Prosperity Bancshares at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Prosperity Bancshares in the first quarter valued at about $48,000. Fifth Third Bancorp lifted its position in Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after buying an additional 396 shares during the last quarter. Quarry LP lifted its position in Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after buying an additional 195 shares during the last quarter. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares in the first quarter valued at about $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 valued at $183,000 after buying an additional 311 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PB shares. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a research report on Wednesday. They issued an "overweight" rating and a $78.00 target price on the stock. Piper Sandler decreased their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Hovde Group decreased their target price 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. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Finally, Citigroup upped their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $83.75.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $67.19, for a total value of $33,595.00. Following the sale, the director owned 93,415 shares of the company's stock, valued at $6,276,553.85. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 15,400 shares of company stock valued at $1,069,500 over the last 90 days. 4.20% of the stock is owned by company insiders.

Prosperity Bancshares Stock Performance

Shares of PB traded up $0.02 during mid-day trading on Friday, hitting $67.79. 1,039,425 shares of the company's stock were exchanged, compared to its average volume of 1,005,223. The company has a market cap of $6.44 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 1.01 and a beta of 0.74. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75. The stock's 50-day moving average is $69.12 and its 200-day moving average is $69.53.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the prior year, the company earned $1.22 earnings per share. As a group, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS 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 issued 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 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Prosperity Bancshares 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.