Voya Investment Management LLC Grows Stock Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Voya Investment Management LLC increased its stake in Prosperity Bancshares by 26.2% during the first quarter, now holding approximately 0.11% of the company valued at $7.8 million.
• Prosperity Bancshares reported a net margin of 29.37% and earnings per share of $1.42 for the last quarter, exceeding analysts’ expectations.
• The company announced a quarterly dividend of $0.58 per share, with an annualized yield of 3.5%, set to be paid on October 1st.

Voya Investment Management LLC lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 26.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 109,264 shares of the bank's stock after purchasing an additional 22,650 shares during the period. Voya Investment Management LLC owned approximately 0.11% of Prosperity Bancshares worth $7,798,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at about $48,000. Fifth Third Bancorp lifted its stake in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after purchasing an additional 396 shares during the period. Quarry LP lifted its stake in shares of Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after purchasing an additional 195 shares during the period. Chilton Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at about $105,000. Finally, State of Wyoming lifted its stake in shares of Prosperity Bancshares by 13.8% in the first quarter. State of Wyoming now owns 2,565 shares of the bank's stock valued at $183,000 after purchasing an additional 311 shares during the period. 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 the business's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $65.84, for a total value of $32,920.00. Following the completion of the sale, the director directly owned 92,915 shares in the company, valued at approximately $6,117,523.60. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 15,400 shares of company stock valued at $1,067,419 in the last ninety days. 4.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on PB. Hovde Group lowered their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Piper Sandler lowered their price target on shares of 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 reiterated a "neutral" rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Finally, Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $83.40.

Prosperity Bancshares Trading Down 1.5%

Shares of NYSE PB traded down $0.98 during midday trading on Friday, reaching $66.07. 1,895,862 shares of the stock were exchanged, compared to its average volume of 1,098,693. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The stock has a 50 day moving average price of $68.31 and a 200-day moving average price of $69.18. The company has a market capitalization of $6.28 billion, a P/E ratio of 12.01, a P/E/G ratio of 0.99 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its 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 during the quarter, compared to the consensus estimate of $315.66 million. During the same period in the previous year, the firm earned $1.22 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's payout ratio is presently 42.18%.

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.