Amundi Has $737,000 Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Amundi cut its Prosperity Bancshares stake by 72.7% in the second quarter, selling 26,867 shares and retaining 10,090 shares valued at approximately $737,000. Institutional investors collectively own 80.69% of the stock.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $391.25 million. The company also declared a quarterly dividend of $0.60 per share, representing a 3.4% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $78.36, compared with the stock’s reported price of $70.97; target prices range from $79 to $84, though Morgan Stanley downgraded the shares to “underweight.”

Amundi trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 72.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,090 shares of the bank's stock after selling 26,867 shares during the period. Amundi's holdings in Prosperity Bancshares were worth $737,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Earned Wealth Advisors LLC raised its stake in shares of Prosperity Bancshares by 6.2% in the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock valued at $244,000 after purchasing an additional 213 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Prosperity Bancshares by 3.3% in the 2nd quarter. Versant Capital Management Inc now owns 10,921 shares of the bank's stock valued at $798,000 after buying an additional 348 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 12.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 3,561 shares of the bank's stock worth $246,000 after acquiring an additional 391 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Prosperity Bancshares by 33.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,990 shares of the bank's stock worth $145,000 after acquiring an additional 503 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of Prosperity Bancshares by 20.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,721 shares of the bank's stock valued at $250,000 after purchasing an additional 628 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Trading Down 0.7%

Shares of NYSE PB opened at $70.97 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company's 50 day simple moving average is $73.01 and its 200 day simple moving average is $70.40. The firm has a market capitalization of $7.16 billion, a P/E ratio of 12.30, a P/E/G ratio of 0.78 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. On average, analysts predict that Prosperity Bancshares, Inc. will post 6.48 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is 41.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Citigroup increased their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Royal Bank Of Canada lifted their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Morgan Stanley downgraded shares of Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 8th. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Finally, TD Cowen boosted their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $78.36.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $72.72, for a total transaction of $43,632.00. Following the transaction, the director directly owned 40,000 shares of the company's stock, valued at $2,908,800. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 11,000 shares of company stock worth $802,879 over the last quarter. Company insiders own 3.96% of the company's stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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