Prosperity Bancshares, Inc. $PB Stock Position Raised by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp sharply increased its stake in Prosperity Bancshares, boosting its holdings by 3,881.2% in the first quarter to 40,449 shares worth about $2.7 million.
• Other institutions also added to positions, and institutional investors now own 80.69% of Prosperity Bancshares’ stock, though insider selling has occurred, including Director Ned S. Holmes selling 600 shares.
• The bank’s recent results were solid: Prosperity Bancshares beat earnings and revenue expectations, and analysts currently have a Hold consensus with an average price target of $76.36.

Fifth Third Bancorp grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3,881.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,449 shares of the bank's stock after purchasing an additional 39,433 shares during the period. Fifth Third Bancorp's holdings in Prosperity Bancshares were worth $2,717,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock valued at $2,155,000 after acquiring an additional 5,326 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock valued at $521,000 after purchasing an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock valued at $24,705,000 after buying an additional 17,345 shares during the period. Jane Street Group LLC boosted its stake in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock worth $7,476,000 after purchasing an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC bought a new position in shares of Prosperity Bancshares during the second quarter worth about $359,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $69.85, for a total value of $41,910.00. Following the transaction, the director owned 40,900 shares of the company's stock, valued at approximately $2,856,865. This trade represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold 13,200 shares of company stock worth $926,152 over the last 90 days. Corporate insiders own 3.96% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on PB. Wall Street Zen upgraded shares of Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. TD Cowen boosted their price target on Prosperity Bancshares from $77.00 to $79.00 and gave the company a "buy" rating in a research note on Friday, May 1st. Benchmark started coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $76.36.

Prosperity Bancshares Trading Down 0.8%

NYSE PB opened at $72.92 on Tuesday. The firm has a market cap of $7.36 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.18 and a beta of 0.63. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average of $70.62 and a 200-day moving average of $70.09.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.Prosperity Bancshares's quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.37 EPS. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

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.

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