Nuveen LLC Acquires Shares of 357,173 Prosperity Bancshares, Inc. $PB

Nuveen LLC purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 357,173 shares of the bank's stock, valued at approximately $25,491,000. Nuveen LLC owned 0.37% of Prosperity Bancshares at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quarry LP acquired a new position in Prosperity Bancshares in the 4th quarter worth approximately $88,000. Fifth Third Bancorp increased its holdings in Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after buying an additional 396 shares during the period. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares in the 1st quarter worth approximately $105,000. PNC Financial Services Group Inc. increased its holdings in Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after buying an additional 249 shares during the period. Finally, New England Research & Management Inc. acquired a new position in Prosperity Bancshares in the 1st quarter worth approximately $212,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $67.35, for a total value of $33,675.00. Following the sale, the director owned 94,915 shares of the company's stock, valued at approximately $6,392,525.25. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 14,300 shares of company stock valued at $998,411. 4.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PB shares. Hovde Group cut their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Keefe, Bruyette & Woods cut their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Piper Sandler dropped their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $84.57.

Prosperity Bancshares Stock Up 3.3%

Shares of NYSE PB traded up $2.2080 during midday trading on Friday, reaching $69.6580. 124,305 shares of the stock were exchanged, compared to its average volume of 681,763. The firm has a market cap of $6.62 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.02 and a beta of 0.71. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The firm has a 50-day simple moving average of $69.53 and a two-hundred day simple moving average of $70.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The firm had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. During the same quarter last year, the company earned $1.22 EPS. 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 declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Prosperity Bancshares 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.