5,971 Shares in Prosperity Bancshares, Inc. $PB Acquired by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC recently acquired a new position in Prosperity Bancshares, purchasing 5,971 shares valued at approximately $426,000 during the first quarter.
• Prosperity Bancshares reported $1.42 earnings per share for the last quarter, exceeding analysts' expectations of $1.40, with a current market cap of $6.57 billion.
• The bank announced a quarterly dividend of $0.58 per share, payable on October 1st, representing an annual yield of 3.4%.

Magnetar Financial LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,971 shares of the bank's stock, valued at approximately $426,000.

A number of other institutional investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Prosperity Bancshares during the first quarter valued at approximately $48,000. Fifth Third Bancorp boosted its stake in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after purchasing an additional 396 shares during the last quarter. Chilton Capital Management LLC bought a new stake in shares of Prosperity Bancshares in the 1st quarter worth $105,000. State of Wyoming increased its holdings in shares of Prosperity Bancshares by 13.8% in the 1st quarter. State of Wyoming now owns 2,565 shares of the bank's stock worth $183,000 after purchasing an additional 311 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Prosperity Bancshares in the first quarter worth $197,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Down 1.3%

PB stock traded down $0.89 during midday trading on Friday, reaching $67.91. 1,482,717 shares of the company's stock traded hands, compared to its average volume of 962,606. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The stock has a market cap of $6.45 billion, a P/E ratio of 12.35, a PEG ratio of 1.02 and a beta of 0.74. The stock's 50-day moving average is $69.66 and its 200 day moving average is $69.80.

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

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 42.18%.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $68.74, for a total value of $34,370.00. Following the sale, the director owned 93,915 shares in the company, valued at $6,455,717.10. The trade was a 0.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 15,400 shares of company stock worth $1,072,938 in the last quarter. Company insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PB shares. Piper Sandler dropped their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price on the stock. Hovde Group reduced their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Citigroup boosted their price objective on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average target price of $84.13.

Prosperity Bancshares Company 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.