Panagora Asset Management Inc. Raises Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Panagora Asset Management Inc. significantly increased its stake in Prosperity Bancshares by 153.8%, acquiring an additional 15,334 shares, bringing its total holdings to 25,307 shares valued at approximately $1.8 million.
• Prosperity Bancshares recently declared a quarterly dividend of $0.58 per share, representing a 3.4% dividend yield, with a record date of September 15th.
• The bank reported quarterly earnings of $1.42 per share, exceeding analyst expectations of $1.40, despite revenue falling short of forecasts at $310.70 million.

Panagora Asset Management Inc. boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 153.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 25,307 shares of the bank's stock after acquiring an additional 15,334 shares during the period. Panagora Asset Management Inc.'s holdings in Prosperity Bancshares were worth $1,806,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC raised its position in Prosperity Bancshares by 19.8% during the first quarter. Evergreen Capital Management LLC now owns 4,386 shares of the bank's stock worth $316,000 after acquiring an additional 725 shares during the period. Magnetar Financial LLC acquired a new position in Prosperity Bancshares during the first quarter worth $426,000. State of Wyoming raised its position in Prosperity Bancshares by 13.8% during the first quarter. State of Wyoming now owns 2,565 shares of the bank's stock worth $183,000 after acquiring an additional 311 shares during the period. Trexquant Investment LP raised its position in Prosperity Bancshares by 88.9% during the first quarter. Trexquant Investment LP now owns 22,867 shares of the bank's stock worth $1,632,000 after acquiring an additional 10,759 shares during the period. Finally, Ieq Capital LLC lifted its position in shares of Prosperity Bancshares by 24.6% in the first quarter. Ieq Capital LLC now owns 6,304 shares of the bank's stock valued at $450,000 after acquiring an additional 1,245 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of PB traded down $0.89 during mid-day trading on Friday, reaching $67.91. The stock had a trading volume of 1,482,717 shares, compared to its average volume of 920,840. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The business's fifty day moving average is $69.66 and its 200 day moving average is $69.85. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.02 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $315.66 million. During the same quarter in the prior year, the firm posted $1.22 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared 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. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is currently 42.18%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $68.74, for a total transaction of $34,370.00. Following the sale, the director owned 93,915 shares of the company's stock, valued at approximately $6,455,717.10. This represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 15,400 shares of company stock worth $1,072,938 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PB shares. Piper Sandler decreased their target price 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. Citigroup raised their target price on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research report on Tuesday, August 26th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Hovde Group decreased their target price 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. Finally, Jefferies Financial Group started coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average 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.