Squarepoint Ops LLC Takes Position in Prosperity Bancshares, Inc. $PB

Key Points

• Squarepoint Ops LLC acquired 71,926 shares of Prosperity Bancshares in the second quarter, valued at approximately $5.25 million. Institutional investors collectively own 80.69% of the bank’s stock.
• Analyst sentiment is mixed: Prosperity Bancshares has a consensus “Hold” rating and an average price target of $78.36, while recent targets range from $80 to $84.
• The bank reported better-than-expected quarterly results, with EPS of $1.62 and revenue of $391.25 million, up 25.9% year over year. It also declared a quarterly dividend of $0.60 per share, representing a 3.4% annualized yield.

Squarepoint Ops LLC acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 71,926 shares of the bank's stock, valued at approximately $5,253,000. Squarepoint Ops LLC owned about 0.07% of Prosperity Bancshares at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Prosperity Bancshares during the second quarter worth $746,776,000. California State Teachers Retirement System raised its stake in Prosperity Bancshares by 6,498.9% in the 2nd quarter. California State Teachers Retirement System now owns 7,924,120 shares of the bank's stock valued at $578,698,000 after purchasing an additional 7,804,038 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Prosperity Bancshares in the 2nd quarter valued at about $350,099,000. AQR Capital Management LLC boosted its stake in shares of Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank's stock worth $167,393,000 after purchasing an additional 1,516,939 shares during the last quarter. Finally, Algebris UK Ltd. purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $59,465,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Morgan Stanley downgraded Prosperity Bancshares from an "equal weight" rating to an "underweight" rating and set a $80.00 price target for the company. in a report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Weiss Ratings upgraded Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. TD Cowen upped their price objective on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Five analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Hold" and a consensus target price of $78.36.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $71.42, for a total value of $35,710.00. Following the completion of the transaction, the director owned 69,115 shares in the company, valued at approximately $4,936,193.30. This trade represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 12,100 shares of company stock worth $881,715 in the last 90 days. Corporate insiders own 3.96% of the company's stock.

Prosperity Bancshares Stock Down 0.2%

PB stock opened at $71.34 on Friday. 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 firm has a 50 day simple moving average of $73.02 and a 200-day simple moving average of $70.41. The company has a market capitalization of $7.19 billion, a P/E ratio of 12.36, a PEG ratio of 0.78 and a beta of 0.63. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the prior year, the business posted $1.42 EPS. The company's revenue for the quarter was up 25.9% on a year-over-year basis. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares's dividend payout ratio is presently 41.59%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.

Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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