UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 15,475 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• UBS Asset Management reduced its Prosperity Bancshares stake by 7.3%, selling 15,475 shares and retaining 196,848 shares worth approximately $14.4 million. Institutional investors collectively own 80.69% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $78.36; recent target increases from RBC and Piper Sandler were offset by Morgan Stanley lowering its target to $80.
• Prosperity Bancshares exceeded quarterly earnings expectations, reporting $1.62 EPS and $391.25 million in revenue, while declaring a $0.60 quarterly dividend equivalent to a 3.3% yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 196,848 shares of the bank's stock after selling 15,475 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.20% of Prosperity Bancshares worth $14,376,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Prosperity Bancshares by 21.4% in 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 purchasing an additional 5,326 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Prosperity Bancshares by 36.8% in the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock worth $521,000 after purchasing an additional 1,962 shares during the last quarter. Jane Street Group LLC increased its stake in shares of Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock worth $7,476,000 after buying an additional 67,712 shares during the period. Sivia Capital Partners LLC bought a new stake in Prosperity Bancshares during the 2nd quarter valued at $359,000. Finally, Invesco Ltd. raised its holdings in Prosperity Bancshares by 57.3% during the 2nd quarter. Invesco Ltd. now owns 370,470 shares of the bank's stock valued at $26,022,000 after buying an additional 134,974 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Ned Holmes sold 600 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $71.39, for a total transaction of $42,834.00. Following the completion of the transaction, the director directly owned 40,200 shares in the company, valued at $2,869,878. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 12,100 shares of company stock worth $881,656. 3.96% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Morgan Stanley reissued an "equal weight" rating and issued a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Royal Bank Of Canada boosted their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Piper Sandler boosted their target price on Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a research note on Thursday, July 30th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Benchmark assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating on the stock. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and an average target price of $78.36.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $72.85 on Friday. The company's fifty day moving average price is $73.08 and its 200-day moving average price is $70.45. The stock has a market cap of $7.35 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 0.79 and a beta of 0.63. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. 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 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 company had revenue of $391.25 million during the quarter, compared to analysts' expectations of $380.73 million. During the same period last year, the company posted $1.42 EPS. Prosperity Bancshares's revenue was up 25.9% on a year-over-year basis. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares's dividend payout ratio is presently 41.59%.

Prosperity Bancshares 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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