Amundi Raises Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Amundi increased its Prosperity Bancshares stake by 915.6% in the first quarter, bringing its holdings to 36,957 shares valued at approximately $2.48 million. Institutional investors collectively own 80.69% of the bank.
• Analysts maintain a broadly neutral outlook, with a consensus “Hold” rating and an average price target of $78.36. Recent ratings include a buy from TD Cowen and neutral ratings from Piper Sandler and Benchmark.
• Prosperity Bancshares beat quarterly EPS expectations, reporting $1.62 versus the $1.50 consensus, while revenue rose 25.9% year over year. The company declared a quarterly dividend of $0.60, equivalent to a 3.2% annualized yield.

Amundi increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 915.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,957 shares of the bank's stock after purchasing an additional 33,318 shares during the period. Amundi's holdings in Prosperity Bancshares were worth $2,483,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Prosperity Bancshares by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank's stock valued at $708,856,000 after acquiring an additional 140,035 shares during the last quarter. State Street Corp raised its stake in Prosperity Bancshares by 6.6% in the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank's stock valued at $373,231,000 after purchasing an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Prosperity Bancshares by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank's stock valued at $331,142,000 after purchasing an additional 205,291 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Prosperity Bancshares by 34.5% in the 4th quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank's stock valued at $317,955,000 after purchasing an additional 1,179,307 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank's stock worth $254,316,000 after purchasing an additional 15,192 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $74.62, for a total value of $37,310.00. Following the transaction, the director owned 71,615 shares of the company's stock, valued at approximately $5,343,911.30. This trade represents a 0.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 12,100 shares of company stock valued at $859,253 over the last ninety days. 3.96% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Benchmark assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They set a "hold" rating for the company. Piper Sandler raised their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. TD Cowen lifted their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Hold" and an average target price of $78.36.

Prosperity Bancshares Stock Performance

NYSE PB opened at $73.98 on Friday. The firm has a market capitalization of $7.46 billion, a P/E ratio of 12.82, a P/E/G ratio of 0.82 and a beta of 0.64. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The business's 50-day simple moving average is $72.08 and its 200-day simple moving average is $70.34.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business had revenue of $369.18 million during the quarter, compared to analysts' expectations of $380.73 million. During the same quarter in the previous year, the business earned $1.42 EPS. The company's revenue for the quarter was up 25.9% on a year-over-year basis. Equities analysts predict that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. Prosperity Bancshares's dividend payout ratio is presently 41.59%.

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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