Prosperity Bancshares, Inc. $PB Shares Purchased by UBS Group AG

Key Points

• UBS Group AG boosted its stake in Prosperity Bancshares by 81.3% in Q4, buying 288,862 shares to hold 643,964 shares (~0.68% ownership) valued at about $44.5 million.
• Prosperity beat expectations for the quarter, reporting EPS of $1.50 vs. $1.41 consensus and revenue of $367.62 million, up 19.9% year-over-year.
• The company announced a quarterly dividend of $0.60 per share (annualized $2.40, ~3.4% yield) with an ex-dividend date of June 15 and payment on July 1.

UBS Group AG grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 81.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 643,964 shares of the bank's stock after buying an additional 288,862 shares during the quarter. UBS Group AG owned about 0.68% of Prosperity Bancshares worth $44,504,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Mather Group LLC. acquired a new position in shares of Prosperity Bancshares during the third quarter valued at approximately $26,000. Community Bank N.A. acquired a new stake in Prosperity Bancshares in the third quarter worth approximately $29,000. Danske Bank A S bought a new position in Prosperity Bancshares during the 3rd quarter valued at $40,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Prosperity Bancshares during the 3rd quarter valued at $42,000. Finally, Osaic Holdings Inc. increased 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 valued at $51,000 after purchasing an additional 186 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $69.59, for a total transaction of $34,795.00. Following the completion of the sale, the director directly owned 78,615 shares of the company's stock, valued at approximately $5,470,817.85. This represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 12,100 shares of company stock worth $834,777. 3.96% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Performance

PB opened at $70.16 on Thursday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.12 billion, a PE ratio of 12.71, a P/E/G ratio of 1.07 and a beta of 0.65. The business has a fifty day simple moving average of $68.08 and a 200-day simple moving average of $69.17. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period in the previous year, the firm earned $1.37 earnings per share. Prosperity Bancshares's revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 6.24 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares's payout ratio is presently 43.48%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research reports. Piper Sandler boosted their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research note on Thursday, April 30th. DA Davidson reaffirmed a "neutral" rating and set a $76.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 29th. TD Cowen boosted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Hovde Group upped their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an "outperform" rating in a report on Thursday, January 29th. Finally, Janney Montgomery Scott lowered shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating in a research report on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $77.50.

About Prosperity Bancshares

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.

Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.