Cubist Systematic Strategies LLC Invests $11.43 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Cubist Systematic Strategies LLC invested approximately $11.43 million in Prosperity Bancshares, acquiring 160,200 shares in the first quarter, making up about 0.17% of the company's total shares.
• Prosperity Bancshares recently announced a quarterly dividend of $0.58 per share, yielding about 3.4%, with the payment scheduled for October 1st.
• Multiple analysts have issued ratings and adjusted price targets for Prosperity Bancshares, with a consensus target price of $84.13 and a general "Moderate Buy" sentiment among market analysts.

Cubist Systematic Strategies LLC acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 160,200 shares of the bank's stock, valued at approximately $11,433,000. Cubist Systematic Strategies LLC owned approximately 0.17% of Prosperity Bancshares as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. increased its holdings in shares of Prosperity Bancshares by 14.6% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after purchasing an additional 412,283 shares in the last quarter. Nuveen LLC bought a new stake in shares of Prosperity Bancshares in the 1st quarter worth $25,491,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Prosperity Bancshares by 25.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after purchasing an additional 223,355 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Prosperity Bancshares by 25.5% in the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after purchasing an additional 190,449 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Prosperity Bancshares by 325.1% in the 1st quarter. MetLife Investment Management LLC now owns 227,891 shares of the bank's stock worth $16,265,000 after purchasing an additional 174,287 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on PB. Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued 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 for the company in a report on Thursday, July 24th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Finally, Citigroup raised their price target on Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Ten 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.13.

Prosperity Bancshares Price Performance

PB stock opened at $69.21 on Tuesday. The company has a market cap of $6.57 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 1.04 and a beta of 0.74. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The stock's fifty day moving average price is $69.76 and its 200-day moving average price is $70.06.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the previous year, the business earned $1.22 earnings per share. As a group, analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $70.31, for a total transaction of $42,186.00. Following the transaction, the director directly owned 45,400 shares in the company, valued at approximately $3,192,074. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 14,300 shares of company stock worth $997,378 in the last quarter. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.