Prosperity Bancshares, Inc. $PB Shares Bought by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC increased its stake in Prosperity Bancshares by 23.0% during Q1, acquiring a total of 141,307 shares worth approximately $10 million.
• Prosperity Bancshares reported $1.42 EPS for the last quarter, surpassing analysts' expectations of $1.40, but its revenue was slightly below estimates at $310.7 million.
• The company announced a quarterly dividend of $0.58 per share, representing an annualized dividend yield of 3.5%.

Lord Abbett & CO. LLC grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 23.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 141,307 shares of the bank's stock after acquiring an additional 26,383 shares during the period. Lord Abbett & CO. LLC owned about 0.15% of Prosperity Bancshares worth $10,085,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PB. North Reef Capital Management LP bought a new position in Prosperity Bancshares in the 4th quarter worth about $29,211,000. Nuveen LLC bought a new position in Prosperity Bancshares during the 1st quarter valued at about $25,491,000. Vaughan Nelson Investment Management L.P. raised its stake in shares of Prosperity Bancshares by 25.1% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after buying an additional 223,355 shares during the last quarter. Northern Trust Corp grew its holdings in Prosperity Bancshares by 25.5% during the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after purchasing an additional 190,449 shares during the period. Finally, Algebris UK Ltd acquired a new position in shares of Prosperity Bancshares in the first quarter valued at approximately $9,956,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $67.35, for a total transaction of $33,675.00. Following the transaction, the director directly owned 94,915 shares of the company's stock, valued at approximately $6,392,525.25. The trade was a 0.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 14,300 shares of company stock worth $998,411. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Trading Down 0.3%

Shares of Prosperity Bancshares stock traded down $0.1830 during trading on Thursday, hitting $67.5270. 95,490 shares of the stock were exchanged, compared to its average volume of 680,498. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. The company has a fifty day moving average price of $69.58 and a 200-day moving average price of $70.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping 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 company had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. During the same quarter in the prior year, the firm posted $1.22 EPS. Equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

PB has been the topic of several research analyst reports. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective on the stock. Hovde Group lowered their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Piper Sandler cut their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Royal Bank Of Canada dropped their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $84.57.

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.