United Services Automobile Association Buys New Shares 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 acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,302 shares of the bank's stock, valued at approximately $444,000.

Several other large investors also recently added to or reduced their stakes in PB. Caxton Associates LLP purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $341,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $461,000. NewEdge Advisors LLC boosted its position in shares of Prosperity Bancshares by 36.8% during the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock valued at $521,000 after buying an additional 1,962 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Prosperity Bancshares by 21.4% during 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 buying an additional 5,326 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Prosperity Bancshares during the first quarter valued at approximately $9,296,000. 80.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on PB. Citigroup restated a "neutral" rating and set a $68.00 target price (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday. Hovde Group dropped their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target for the company. Piper Sandler lowered their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Finally, Cantor Fitzgerald began coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 price target for the company. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $83.13.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $1.04 during mid-day trading on Tuesday, reaching $64.82. 194,520 shares of the company were exchanged, compared to its average volume of 718,722. The business has a fifty day moving average of $68.97 and a 200 day moving average of $69.41. The firm has a market cap of $6.16 billion, a P/E ratio of 11.79, a PEG ratio of 1.02 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 issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the prior year, the firm posted $1.22 earnings per share. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.6%. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $67.71, for a total transaction of $40,626.00. Following the transaction, the director directly owned 45,300 shares of the company's stock, valued at approximately $3,067,263. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 15,400 shares of company stock worth $1,069,500 over the last 90 days. Corporate insiders own 4.20% of the company's stock.

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.