Bank of New York Mellon Corp Invests $57.88 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Bank of New York Mellon acquired 792,514 Prosperity Bancshares shares worth approximately $57.9 million, representing about 0.79% of the company. Institutional investors collectively own 80.69% of PB.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $369.18 million. The bank also declared a $0.60 quarterly dividend, equivalent to a 3.3% yield.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a consensus price target of $78.36 versus the stock’s recent price of $73.11.

Bank of New York Mellon Corp acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 792,514 shares of the bank's stock, valued at approximately $57,877,000. Bank of New York Mellon Corp owned approximately 0.79% of Prosperity Bancshares as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PB. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the third quarter worth approximately $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares in the 4th quarter worth $49,000. Osaic Holdings Inc. increased its holdings in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after buying an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Prosperity Bancshares in the 4th quarter worth about $55,000. Finally, Group One Trading LLC purchased a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $66,000. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

PB opened at $73.11 on Thursday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $73.11 and a two-hundred day moving average of $70.55. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The firm has a market capitalization of $7.37 billion, a PE ratio of 12.67, a P/E/G ratio of 0.79 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating 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 firm had revenue of $369.18 million for the quarter, compared to analysts' expectations of $380.73 million. During the same period last year, the firm earned $1.42 EPS. The company's quarterly revenue was up 25.9% on a year-over-year basis. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares's payout ratio is 41.59%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PB shares. Weiss Ratings upgraded Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Royal Bank Of Canada upped their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a research note on Thursday, July 30th. Benchmark started coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Five research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $78.36.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the transaction, the director owned 39,100 shares of the company's stock, valued at $2,861,338. This represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 12,100 shares of company stock worth $877,186. 3.96% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source