Vanguard Group Inc. Has $708.86 Million Stock Position in Prosperity Bancshares, Inc. $PB

Key Points

• Vanguard increased its stake in Prosperity Bancshares by 1.4% to 10,256,927 shares, representing about 10.80% of the company and worth roughly $708.86 million per its latest 13F filing.
• Prosperity beat quarterly estimates with $1.50 EPS vs. $1.41 expected and revenue of $367.6M (up 19.9% year-over-year), and announced a quarterly dividend of $0.60 (annualized $2.40, ~3.5% yield).
• Institutional investors and hedge funds own about 80.69% of the stock, while analysts have an average rating of "Hold" with a consensus price target of $78.

Vanguard Group Inc. boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 10,256,927 shares of the bank's stock after buying an additional 140,035 shares during the period. Vanguard Group Inc. owned approximately 10.80% of Prosperity Bancshares worth $708,856,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp raised its holdings in Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank's stock worth $373,231,000 after buying an additional 343,062 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank's stock worth $317,416,000 after acquiring an additional 28,994 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Prosperity Bancshares by 43.6% during the 3rd quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank's stock worth $226,531,000 after acquiring an additional 1,038,246 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank's stock worth $140,797,000 after acquiring an additional 695,114 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of Prosperity Bancshares by 8.2% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,373,974 shares of the bank's stock worth $91,163,000 after acquiring an additional 104,340 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $69.59, for a total transaction of $34,795.00. Following the completion of the sale, the director owned 78,615 shares of the company's stock, valued at $5,470,817.85. This trade represents a 0.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 13,200 shares of company stock worth $914,669. Company insiders own 3.96% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PB shares. Weiss Ratings raised shares of Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, April 2nd. Morgan Stanley decreased their price target on shares of Prosperity Bancshares from $91.00 to $83.00 and set an "overweight" rating for the company in a research note on Tuesday, March 31st. Citigroup reaffirmed a "neutral" rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. DA Davidson reaffirmed a "neutral" rating and set a $76.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Finally, Hovde Group raised their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the stock an "outperform" rating in a research note on Thursday, January 29th. Eight investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $78.00.

Prosperity Bancshares Trading Down 0.0%

Shares of Prosperity Bancshares stock opened at $69.32 on Monday. The business has a fifty day simple moving average of $68.17 and a two-hundred day simple moving average of $69.08. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a market capitalization of $7.03 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 1.10 and a beta of 0.65. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million during the quarter, compared to the consensus estimate of $358.60 million. During the same quarter last year, the firm posted $1.37 EPS. The company's quarterly revenue was up 19.9% on a year-over-year basis. Research analysts forecast that Prosperity Bancshares, Inc. will post 6.23 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.5%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 43.48%.

Prosperity Bancshares Company 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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