Prosperity Bancshares, Inc. $PB Shares Purchased by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC significantly increased its stake in Prosperity Bancshares by 325.1% during the first quarter, now owning 227,891 shares worth approximately $16.3 million.
• Prosperity Bancshares recently reported $1.42 EPS for the last quarter, exceeding the consensus estimate by $0.02, and had a revenue of $310.70 million compared to expectations of $315.66 million.
• The bank announced a quarterly dividend of $0.58 per share, with a payout ratio of 42.18% and an annualized yield of 3.3%, to be paid on October 1st.

MetLife Investment Management LLC boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 325.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 227,891 shares of the bank's stock after purchasing an additional 174,287 shares during the period. MetLife Investment Management LLC owned approximately 0.24% of Prosperity Bancshares worth $16,265,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PB. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Prosperity Bancshares during the first quarter worth $48,000. Quarry LP acquired a new position in Prosperity Bancshares during the fourth quarter worth $88,000. Fifth Third Bancorp grew its holdings in Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after acquiring an additional 396 shares during the period. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares during the first quarter worth $105,000. Finally, Quantbot Technologies LP acquired a new stake in Prosperity Bancshares in the first quarter valued at $197,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $68.85, for a total value of $34,425.00. Following the completion of the sale, the director owned 94,415 shares in the company, valued at approximately $6,500,472.75. This trade represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 14,300 shares of company stock valued at $997,378 in the last ninety days. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Down 0.2%

NYSE:PB traded down $0.13 on Friday, hitting $69.21. 769,673 shares of the stock were exchanged, compared to its average volume of 702,957. The stock has a market cap of $6.57 billion, a PE ratio of 12.58, a PEG ratio of 1.05 and a beta of 0.71. The stock has a fifty day moving average of $69.73 and a 200-day moving average of $70.30. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The company had revenue of $310.70 million during the quarter, compared to analyst estimates 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 prior year, the firm posted $1.22 earnings per share. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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

Analysts Set New Price Targets

Several analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Hovde Group reduced their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Citigroup upped their price objective on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Tuesday. Keefe, Bruyette & Woods reduced their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Finally, Piper Sandler reduced 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. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.13.

About Prosperity Bancshares

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.