Rafferty Asset Management LLC Has $5.78 Million Position in Prosperity Bancshares, Inc. $PB

Key Points

• Rafferty Asset Management LLC has reduced its stake in Prosperity Bancshares by 27.2%, holding 80,942 shares valued at approximately $5.78 million, as of the latest SEC filing.
• Analysts have set a consensus price target of $84.13 for Prosperity Bancshares, with a majority rating the stock as a "Moderate Buy."
• The company announced a quarterly dividend of $0.58 per share, reflecting an annualized yield of 3.3%, payable on October 1st.

Rafferty Asset Management LLC decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 27.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,942 shares of the bank's stock after selling 30,278 shares during the period. Rafferty Asset Management LLC owned approximately 0.08% of Prosperity Bancshares worth $5,777,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Hsbc Holdings PLC acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $298,000. Price T Rowe Associates Inc. MD raised its position in Prosperity Bancshares by 7.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 60,113 shares of the bank's stock valued at $4,530,000 after purchasing an additional 4,339 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $241,000. Quarry LP purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth about $88,000. Finally, Northern Trust Corp grew its stake in Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after purchasing an additional 190,449 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $68.85, for a total transaction of $34,425.00. Following the sale, the director owned 94,415 shares of the company's stock, valued at $6,500,472.75. The trade was a 0.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 14,300 shares of company stock worth $997,378 over the last quarter. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Hovde Group decreased their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Citigroup lifted their target price on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler decreased their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price for the company. Finally, Keefe, Bruyette & Woods decreased their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.13.

Prosperity Bancshares Stock Performance

Shares of PB traded down $0.13 during mid-day trading on Friday, reaching $69.21. 769,674 shares of the company's stock traded hands, compared to its average volume of 949,543. The business's 50-day moving average price is $69.75 and its 200-day moving average price is $70.12. The stock has a market capitalization of $6.57 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 1.04 and a beta of 0.74. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The firm had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. During the same quarter in the previous year, the company earned $1.22 earnings per share. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company 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 dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares's payout ratio is presently 42.18%.

Prosperity Bancshares Company Profile

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.