Prosperity Bancshares, Inc. $PB Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Prosperity Bancshares stake by 11.6% in the first quarter, acquiring 50,575 additional shares and ending with 487,616 shares worth approximately $32.8 million. Institutional investors and hedge funds collectively own 80.69% of PB.
• Prosperity Bancshares reported quarterly EPS of $1.62, exceeding the $1.50 consensus estimate, while revenue rose 25.9% year over year to $369.18 million. Shares opened at $75.02, near the company’s 52-week high.
• Analysts maintain a generally cautious view, with an average “Hold” rating and a consensus price target of $78.36. The company also declared a quarterly dividend of $0.60 per share, representing a 3.2% annualized yield.

Bank of America Corp DE boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 11.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 487,616 shares of the bank's stock after purchasing an additional 50,575 shares during the quarter. Bank of America Corp DE owned approximately 0.48% of Prosperity Bancshares worth $32,758,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sepio Capital LP lifted its position in shares of Prosperity Bancshares by 2.4% during the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank's stock valued at $394,000 after buying an additional 133 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Prosperity Bancshares by 1.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank's stock worth $990,000 after purchasing an additional 145 shares during the last quarter. Osaic Holdings Inc. raised its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Earned Wealth Advisors LLC lifted its stake in Prosperity Bancshares by 6.2% in the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock valued at $244,000 after buying an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Prosperity Bancshares by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank's stock valued at $2,631,000 after buying an additional 228 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $74.14, for a total transaction of $37,070.00. Following the transaction, the director owned 71,115 shares in the company, valued at $5,272,466.10. The trade was a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders sold 12,100 shares of company stock valued at $867,559. 3.96% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PB has been the subject of several research reports. Royal Bank Of Canada boosted their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 30th. Cantor Fitzgerald restated an "overweight" rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Morgan Stanley reaffirmed an "equal weight" rating and issued a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Benchmark began coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $78.36.

Prosperity Bancshares Trading Up 0.5%

Shares of Prosperity Bancshares stock opened at $75.02 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The stock's 50 day simple moving average is $72.76 and its 200-day simple moving average is $70.41. The stock has a market cap of $7.57 billion, a P/E ratio of 13.00, a P/E/G ratio of 0.82 and a beta of 0.64. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm had revenue of $369.18 million during the quarter, compared to analysts' expectations of $380.73 million. During the same quarter last year, the firm earned $1.42 earnings per share. The business's revenue for the quarter was up 25.9% on a year-over-year basis. Analysts predict that Prosperity Bancshares, Inc. will post 6.45 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. 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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