United Services Automobile Association Invests $444,000 in Prosperity Bancshares, Inc. $PB

Key Points

• United Services Automobile Association invested $444,000 in Prosperity Bancshares, acquiring 6,302 shares during the first quarter.
• Prosperity Bancshares has declared a quarterly dividend of $0.58 per share, with a 3.4% dividend yield, to be paid on October 1st.
• The bank reported earnings of $1.42 per share for the last quarter, exceeding analysts' expectations, with an anticipated annual earnings per share of 5.83.

United Services Automobile Association purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,302 shares of the bank's stock, valued at approximately $444,000.

Other hedge funds have also modified their holdings of the company. U.S. Capital Wealth Advisors LLC increased its position in shares of Prosperity Bancshares by 4.9% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after purchasing an additional 156 shares during the last quarter. Tectonic Advisors LLC boosted its stake in Prosperity Bancshares by 2.0% during the first quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after buying an additional 165 shares during the period. Quarry LP increased its position in shares of Prosperity Bancshares by 16.7% during the first quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after acquiring an additional 195 shares during the last quarter. State of Michigan Retirement System raised its stake in shares of Prosperity Bancshares by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock valued at $1,627,000 after acquiring an additional 200 shares during the period. Finally, Forum Financial Management LP raised its stake in shares of Prosperity Bancshares by 6.2% in the 1st quarter. Forum Financial Management LP now owns 3,407 shares of the bank's stock valued at $243,000 after acquiring an additional 200 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $67.71, for a total value of $40,626.00. Following the transaction, the director owned 45,300 shares of the company's stock, valued at $3,067,263. This represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 15,400 shares of company stock worth $1,069,500 in the last three months. Insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PB. Piper Sandler cut their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Jefferies Financial Group began coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Hovde Group lowered their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Cantor Fitzgerald assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday. They set an "overweight" rating and a $78.00 price target on the stock. Finally, Citigroup increased their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average target price of $83.75.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded up $0.02 on Friday, reaching $67.79. 1,039,425 shares of the company were exchanged, compared to its average volume of 1,005,223. The stock's 50 day moving average price is $69.12 and its 200-day moving average price is $69.53. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75. The company has a market cap of $6.44 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 1.01 and a beta of 0.74.

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

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's payout ratio is 42.18%.

Prosperity Bancshares 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.