Man Group plc Invests $4.28 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Man Group plc acquired 58,624 shares of Prosperity Bancshares during the second quarter, worth approximately $4.28 million and representing about 0.06% of the bank. Institutional investors collectively own 80.69% of the stock.
• Analyst sentiment remains mixed, with five Buy, eight Hold, and one Sell rating; the consensus rating is Hold with an average price target of $78.36.
• Prosperity Bancshares exceeded quarterly EPS estimates, reporting $1.62 versus the $1.50 consensus, while revenue rose 25.9% year over year. The company also declared a quarterly dividend of $0.60 per share, implying a 3.3% annualized yield.

Man Group plc acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 58,624 shares of the bank's stock, valued at approximately $4,281,000. Man Group plc owned approximately 0.06% of Prosperity Bancshares as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at about $40,000. SouthState Bank Corp purchased a new stake in Prosperity Bancshares in the fourth quarter valued at approximately $49,000. Osaic Holdings Inc. lifted its position in Prosperity Bancshares by 34.9% during 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. Global Retirement Partners LLC purchased a new position in Prosperity Bancshares in the 2nd quarter worth approximately $54,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Prosperity Bancshares in the 4th quarter worth $55,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Benchmark initiated coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating on the stock. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. TD Cowen boosted their price target on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Morgan Stanley reissued an "equal weight" rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Finally, Royal Bank Of Canada increased their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $78.36.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $73.18, for a total value 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 Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 12,100 shares of company stock valued at $877,186. 3.96% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $72.35 on Monday. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. The company has a 50-day moving average price of $73.16 and a 200-day moving average price of $70.52. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. During the same period in the prior year, the business posted $1.42 earnings per share. Prosperity Bancshares's revenue for the quarter was up 25.9% on a year-over-year basis. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Dividend Announcement

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

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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