Quantinno Capital Management LP Grows Position in Prosperity Bancshares, Inc. $PB

Key Points

• Quantinno Capital Management increased its Prosperity Bancshares stake by 16.4% in the first quarter to 145,916 shares, worth approximately $9.8 million. Institutional investors collectively own 80.69% of the company.
• Prosperity Bancshares reported quarterly EPS of $1.62, exceeding the $1.50 consensus estimate, while revenue of $391.25 million rose 25.9% year over year. The bank also declared a $0.60 quarterly dividend, equivalent to a 3.2% annualized yield.
• Analyst sentiment remains mixed, with five Buy, eight Hold and one Sell rating. The stock has a consensus rating of Hold and an average price target of $78.36, compared with an opening price of $74.86.

Quantinno Capital Management LP raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 16.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 145,916 shares of the bank's stock after acquiring an additional 20,536 shares during the quarter. Quantinno Capital Management LP owned 0.14% of Prosperity Bancshares worth $9,803,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Gator Capital Management LLC purchased a new stake in Prosperity Bancshares during the fourth quarter worth about $2,051,000. First National Bank of Omaha purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $6,390,000. SummitTX Capital L.P. acquired a new stake in shares of Prosperity Bancshares during the 1st quarter valued at approximately $3,878,000. Tudor Investment Corp ET AL purchased a new stake in shares of Prosperity Bancshares during the 3rd quarter worth approximately $4,882,000. Finally, BW Gestao de Investimentos Ltda. purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $12,085,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

NYSE:PB opened at $74.86 on Wednesday. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 0.82 and a beta of 0.64. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The company's 50-day moving average is $71.87 and its two-hundred day moving average is $70.32. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company's quarterly revenue was up 25.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.42 earnings per share. Research analysts expect that Prosperity Bancshares, Inc. will post 6.43 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. Prosperity Bancshares's dividend payout ratio (DPR) is 41.59%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $74.25, for a total value of $37,125.00. Following the completion of the transaction, the director directly owned 72,115 shares in the company, valued at approximately $5,354,538.75. The trade was a 0.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 11,000 shares of company stock worth $777,177 in the last quarter. 3.96% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PB has been the subject of several research analyst reports. Royal Bank Of Canada raised their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a research note on Thursday, July 30th. Benchmark assumed coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. TD Cowen raised their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the company a "buy" rating in a research report on Friday. Piper Sandler lifted their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $78.36.

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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