Swiss National Bank Raises Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Posted by Defense World Staff on May 14th, 2023

Swiss National Bank lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 220,267 shares of the bank’s stock after buying an additional 1,700 shares during the quarter. Swiss National Bank owned approximately 0.24% of Prosperity Bancshares worth $16,009,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Russell Investments Group Ltd. grew its holdings in shares of Prosperity Bancshares by 8.3% during the fourth quarter. Russell Investments Group Ltd. now owns 21,384 shares of the bank’s stock worth $1,554,000 after buying an additional 1,644 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Prosperity Bancshares by 2.7% in the fourth quarter. Arizona State Retirement System now owns 25,738 shares of the bank’s stock worth $1,871,000 after acquiring an additional 688 shares during the last quarter. Jacobs Asset Management LLC acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth approximately $3,634,000. State Board of Administration of Florida Retirement System boosted its position in shares of Prosperity Bancshares by 1.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 81,633 shares of the bank’s stock worth $5,933,000 after acquiring an additional 1,080 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Prosperity Bancshares by 1.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock worth $1,459,000 after acquiring an additional 287 shares during the last quarter. 81.32% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Up 0.2 %

NYSE PB opened at $58.81 on Friday. The company’s fifty day simple moving average is $61.88 and its 200-day simple moving average is $69.42. Prosperity Bancshares, Inc. has a 52 week low of $56.72 and a 52 week high of $78.76. The stock has a market cap of $5.54 billion, a P/E ratio of 10.19, a PEG ratio of 1.09 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Rating) last issued its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. The business had revenue of $365.58 million during the quarter, compared to analyst estimates of $285.02 million. Prosperity Bancshares had a net margin of 39.87% and a return on equity of 7.93%. During the same quarter in the previous year, the firm earned $1.33 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.46 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Investors of record on Thursday, June 15th will be paid a $0.55 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.74%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 38.13%.

Insider Buying and Selling

In related news, Chairman H E. Timanus, Jr. purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The stock was acquired at an average price of $62.90 per share, for a total transaction of $62,900.00. Following the completion of the purchase, the chairman now owns 202,891 shares in the company, valued at $12,761,843.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Prosperity Bancshares news, Director L. Jack Lord bought 5,000 shares of the stock in a transaction on Monday, May 1st. The stock was purchased at an average price of $62.04 per share, for a total transaction of $310,200.00. Following the completion of the purchase, the director now directly owns 33,125 shares in the company, valued at $2,055,075. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman H E. Timanus, Jr. bought 1,000 shares of the stock in a transaction on Monday, March 13th. The shares were acquired at an average price of $62.90 per share, with a total value of $62,900.00. Following the purchase, the chairman now owns 202,891 shares of the company’s stock, valued at $12,761,843.90. The disclosure for this purchase can be found here. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wolfe Research raised shares of Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 target price on the stock in a research report on Wednesday, May 3rd. Janney Montgomery Scott raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Monday, March 13th. DA Davidson raised shares of Prosperity Bancshares from a “neutral” rating to a “buy” rating and set a $79.00 price target on the stock in a research report on Monday, March 13th. Morgan Stanley reduced their price target on shares of Prosperity Bancshares from $69.00 to $58.00 in a research report on Wednesday, April 5th. Finally, Truist Financial reduced their price target on shares of Prosperity Bancshares from $83.00 to $71.00 and set a “buy” rating on the stock in a research report on Thursday, March 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $73.55.

About Prosperity Bancshares

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Prosperity Bancshares, Inc is a holding company, which engages in the provision of financial products and solutions. It offers retail and commercial banking services such as deposits, online Internet banking, loan, investments, trust, and credit card to small and medium-sized businesses and consumers.