Prosperity Bancshares, Inc. $PB Shares Sold by Premier Fund Managers Ltd

Key Points

• Premier Fund Managers Ltd cut its stake in Prosperity Bancshares by 19.3% in Q4, selling 96,893 shares and retaining 405,764 shares worth about $28.37 million (≈0.43% of PB and 1.6% of the fund's portfolio).
• Prosperity beat quarterly expectations, reporting $1.50 EPS vs. $1.41 expected and revenue of $367.62 million (up 19.9% YoY), and announced a quarterly dividend of $0.60 per share (3.4% yield).
• Analysts hold a consensus "Hold" rating with an average price target of $77.50, reflecting mixed views (7 Buys, 6 Holds, 1 Sell).

Premier Fund Managers Ltd lowered its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 19.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 405,764 shares of the bank's stock after selling 96,893 shares during the period. Prosperity Bancshares comprises approximately 1.6% of Premier Fund Managers Ltd's investment portfolio, making the stock its 25th biggest position. Premier Fund Managers Ltd owned approximately 0.43% of Prosperity Bancshares worth $28,370,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Clearstead Advisors LLC raised its position in shares of Prosperity Bancshares by 10.9% in the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank's stock worth $107,000 after acquiring an additional 159 shares during the period. Bfsg LLC raised its position in shares of Prosperity Bancshares by 5.1% in the third quarter. Bfsg LLC now owns 3,363 shares of the bank's stock worth $223,000 after acquiring an additional 164 shares during the period. Belpointe Asset Management LLC increased its stake in shares of Prosperity Bancshares by 5.1% during the third quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank's stock worth $240,000 after purchasing an additional 176 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after purchasing an additional 186 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its stake in shares of Prosperity Bancshares by 0.6% during the third quarter. Ameritas Investment Partners Inc. now owns 31,164 shares of the bank's stock worth $2,068,000 after purchasing an additional 188 shares in the last quarter. 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 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 owned 78,615 shares of the company's stock, valued at approximately $5,470,817.85. This represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 12,100 shares of company stock worth $834,777. 3.96% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Hovde Group boosted their target price on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an "outperform" rating in a research note on Thursday, January 29th. Barclays cut shares of Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and cut their target price for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research note on Thursday, April 30th. Raymond James Financial cut shares of Prosperity Bancshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, January 7th. Finally, Citigroup boosted their target price on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the stock a "neutral" rating in a research note on Monday. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $77.50.

Prosperity Bancshares Stock Up 0.9%

PB stock opened at $70.16 on Thursday. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The stock has a market capitalization of $7.12 billion, a P/E ratio of 12.71, a P/E/G ratio of 1.07 and a beta of 0.65. 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 50-day simple moving average of $68.08 and a 200-day simple moving average of $69.17.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million during the quarter, compared to analysts' expectations of $358.60 million. During the same quarter in the prior year, the company earned $1.37 EPS. Prosperity Bancshares's revenue was up 19.9% compared to the same quarter last year. Equities analysts forecast that Prosperity Bancshares, Inc. will post 6.24 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

Prosperity Bancshares Company 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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