Prosperity Bancshares, Inc. $PB Shares Bought by AQR Capital Management LLC

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 lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 56.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 866,223 shares of the bank's stock after purchasing 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.

Other institutional investors and hedge funds have also recently bought and sold shares 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 raised its stake in shares of Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after acquiring an additional 396 shares during the period. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 16.7% in the 1st quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after acquiring an additional 195 shares during the last quarter. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares during the first quarter worth $105,000. Finally, State of Wyoming boosted its holdings in Prosperity Bancshares by 13.8% during the 1st quarter. State of Wyoming now owns 2,565 shares of the bank's stock valued at $183,000 after acquiring an additional 311 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PB. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price on the stock. Piper Sandler cut their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday. They issued an "overweight" rating and a $78.00 price target on the stock. Hovde Group reduced their price objective on shares of 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, Citigroup lifted their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Eleven 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, the company has an average rating of "Moderate Buy" and an average price target of $83.75.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.38 during mid-day trading on Thursday, reaching $67.70. 971,537 shares of the company's stock were exchanged, compared to its average volume of 989,291. The business's fifty day simple moving average is $69.24 and its 200-day simple moving average is $69.64. The stock has a market capitalization of $6.43 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.74. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75.

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 for the quarter, topping analysts' consensus estimates 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 business earned $1.22 EPS. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $67.71, for a total transaction of $40,626.00. Following the completion of the sale, the director directly owned 45,300 shares of the company's stock, valued at $3,067,263. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 15,400 shares of company stock valued at $1,069,500. Insiders own 4.20% of the company's stock.

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.