AQR Capital Management LLC Buys 311,698 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• AQR Capital Management increased its stake in Prosperity Bancshares by 56.2%, acquiring an additional 311,698 shares, bringing its total to 866,223 shares worth approximately $61 million as of the latest SEC filing.
• Equities analysts have a consensus buy rating for Prosperity Bancshares with a price target range between $78.00 and $84.00, indicating positive growth expectations.
• The company has announced a quarterly dividend of $0.58 per share, reflecting a 3.4% yield, with a payout ratio of 42.18%.

AQR Capital Management LLC grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 56.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 866,223 shares of the bank's stock after buying an additional 311,698 shares during the quarter. AQR Capital Management LLC owned about 0.91% of Prosperity Bancshares worth $61,008,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares in the 1st quarter worth about $48,000. Fifth Third Bancorp increased its stake in shares of Prosperity Bancshares by 44.9% in 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 during the period. Quarry LP raised its position in shares of Prosperity Bancshares by 16.7% during 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 shares of Prosperity Bancshares in the 1st quarter valued at $105,000. Finally, State of Wyoming boosted its stake in Prosperity Bancshares by 13.8% in the 1st quarter. State of Wyoming now owns 2,565 shares of the bank's stock valued at $183,000 after buying an additional 311 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

NYSE:PB traded up $0.24 during trading hours on Wednesday, hitting $67.14. The company's stock had a trading volume of 371,559 shares, compared to its average volume of 714,983. The company has a market capitalization of $6.38 billion, a P/E ratio of 12.20, a PEG ratio of 1.02 and a beta of 0.74. The stock has a fifty day simple moving average of $69.49 and a 200-day simple moving average of $69.72. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve 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 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The company had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same period in the prior year, the company earned $1.22 EPS. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given 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 3.5%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 42.18%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PB. Citigroup raised their target price on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Hovde Group reduced their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a report on Wednesday. They issued an "overweight" rating and a $78.00 price target for the company. Finally, Piper Sandler lowered their price objective 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. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus price target of $83.75.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $68.74, for a total value of $34,370.00. Following the completion of the sale, the director owned 93,915 shares in the company, valued at approximately $6,455,717.10. This trade represents a 0.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 14,300 shares of company stock valued at $995,597. Corporate insiders own 4.20% of the company's stock.

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.