Legal & General Group Plc Takes $10.66 Million Position in Prosperity Bancshares, Inc. $PB

Key Points

• Legal & General Group Plc acquired 146,039 shares of Prosperity Bancshares during the second quarter, representing an approximately $10.66 million position and 0.14% ownership. Institutional investors collectively own 80.69% of the bank.
• Prosperity Bancshares exceeded quarterly earnings expectations, reporting $1.62 EPS versus the $1.50 consensus and $391.25 million in revenue, up 25.9% year over year.
• The bank declared a quarterly dividend of $0.60 per share, or $2.40 annualized, yielding about 3.4%. Analysts maintain an overall “Hold” rating with an average price target of $78.36.

Legal & General Group Plc purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 146,039 shares of the bank's stock, valued at approximately $10,665,000. Legal & General Group Plc owned 0.14% of Prosperity Bancshares at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Sepio Capital LP lifted its holdings in Prosperity Bancshares by 2.4% in the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank's stock valued at $394,000 after buying an additional 133 shares during the period. Commonwealth Equity Services LLC grew its stake in shares of Prosperity Bancshares by 1.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank's stock worth $990,000 after purchasing an additional 145 shares during the period. Osaic Holdings Inc. increased its holdings in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after purchasing an additional 186 shares during the last quarter. Earned Wealth Advisors LLC increased its holdings in Prosperity Bancshares by 6.2% in the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock valued at $244,000 after purchasing an additional 213 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Prosperity Bancshares by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank's stock valued at $2,631,000 after buying an additional 228 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Performance

PB stock opened at $71.56 on Tuesday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. 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 market cap of $7.22 billion, a PE ratio of 12.40, a P/E/G ratio of 0.79 and a beta of 0.64. The business's 50-day moving average price is $73.16 and its two-hundred day moving average price is $70.49.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.42 earnings per share. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed 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. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares's payout ratio is currently 41.59%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the sale, the director directly owned 39,100 shares in the company, valued at approximately $2,861,338. This trade represents a 1.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 12,100 shares of company stock worth $877,186. 3.96% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PB. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. TD Cowen upped their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Citigroup increased their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Morgan Stanley reissued an "equal weight" rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $78.36.

Prosperity Bancshares Company Profile

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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