Magnetar Financial LLC Raises Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Magnetar Financial LLC boosted its stake in Prosperity Bancshares by 284.8% in Q3, buying 24,299 shares to hold 32,830 shares worth about $2.18 million as of the latest 13F filing.
• Prosperity announced a quarterly dividend of $0.60 (annualized $2.40), a 3.7% yield; the ex-dividend date is March 13 and the payment date is April 1.
• Institutional investors own about 80.7% of the stock; PB trades in the mid-$60s (opened $65.31), has a market cap of $6.63B and a P/E of 11.4, and carries a consensus analyst rating of "Hold" with an average target of $78.92.

Magnetar Financial LLC grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 284.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,830 shares of the bank's stock after purchasing an additional 24,299 shares during the period. Magnetar Financial LLC's holdings in Prosperity Bancshares were worth $2,178,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock valued at $2,155,000 after buying an additional 5,326 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock valued at $521,000 after acquiring an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock valued at $24,705,000 after acquiring an additional 17,345 shares during the period. Jane Street Group LLC boosted its holdings in shares of Prosperity Bancshares by 182.8% during the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock valued at $7,476,000 after acquiring an additional 67,712 shares during the last quarter. Finally, Sivia Capital Partners LLC bought a new stake in shares of Prosperity Bancshares in the second quarter worth approximately $359,000. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Performance

NYSE PB opened at $65.31 on Friday. The business's fifty day moving average is $71.44 and its 200 day moving average is $68.88. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a market capitalization of $6.63 billion, a PE ratio of 11.40, a price-to-earnings-growth ratio of 0.92 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, topping analysts' consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business had revenue of $317.73 million during the quarter, compared to analysts' expectations of $319.30 million. During the same quarter in the prior year, the business posted $1.37 earnings per share. The business's quarterly revenue was down 5.9% on a year-over-year basis. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares's dividend payout ratio is currently 41.88%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $66.00, for a total transaction of $33,000.00. Following the transaction, the director owned 80,415 shares of the company's stock, valued at $5,307,390. The trade was a 0.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 13,200 shares of company stock worth $936,078. 4.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on PB. Barclays cut shares of Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Raymond James Financial lowered shares of Prosperity Bancshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, January 7th. Piper Sandler cut Prosperity Bancshares from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Citigroup restated a "neutral" rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Finally, TD Cowen reiterated a "buy" rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $78.92.

Prosperity Bancshares 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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