Bank of New York Mellon Corp Increases Holdings in Prosperity Bancshares, Inc. $PB

Bank of New York Mellon Corp grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 2.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 811,182 shares of the bank's stock after buying an additional 21,661 shares during the quarter. Bank of New York Mellon Corp owned 0.80% of Prosperity Bancshares worth $54,495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Danske Bank A S bought a new position in Prosperity Bancshares in the third quarter valued at about $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares in the fourth quarter worth approximately $49,000. Osaic Holdings Inc. increased its holdings in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after buying an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $55,000. Finally, Group One Trading LLC bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $66,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction of $42,366.00. Following the sale, the director directly owned 39,800 shares of the company's stock, valued at $2,810,278. This represents a 1.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 12,100 shares of company stock valued at $849,312. Insiders own 3.96% of the company's stock.

Analysts Set New Price Targets

PB has been the subject of a number of recent research reports. TD Cowen boosted their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Weiss Ratings upgraded Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Citigroup lifted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, June 25th. Benchmark assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $76.36.

Prosperity Bancshares Price Performance

PB stock opened at $72.63 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company's fifty day moving average price is $70.98 and its 200-day moving average price is $70.16. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The company has a market capitalization of $7.33 billion, a PE ratio of 13.16, a price-to-earnings-growth ratio of 1.17 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million during the quarter, compared to analysts' expectations of $358.60 million. During the same period last year, the company posted $1.37 earnings per share. Prosperity Bancshares's quarterly revenue was up 19.9% on a year-over-year basis. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares's payout ratio is currently 43.48%.

About Prosperity Bancshares

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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