Amundi Acquires Shares of 61,411 Prosperity Bancshares, Inc. $PB

Amundi purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 61,411 shares of the bank’s stock, valued at approximately $4,060,000. Amundi owned approximately 0.06% of Prosperity Bancshares at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock worth $334,595,000 after buying an additional 102,044 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Prosperity Bancshares by 14.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after buying an additional 412,283 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Prosperity Bancshares by 25.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank’s stock worth $79,404,000 after buying an additional 223,355 shares in the last quarter. Port Capital LLC lifted its holdings in shares of Prosperity Bancshares by 3.0% in the fourth quarter. Port Capital LLC now owns 539,093 shares of the bank’s stock worth $40,621,000 after buying an additional 15,850 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Prosperity Bancshares by 1.4% in the fourth quarter. ProShare Advisors LLC now owns 456,575 shares of the bank’s stock worth $34,403,000 after purchasing an additional 6,224 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $67.25 on Thursday. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The firm’s 50 day simple moving average is $69.36 and its two-hundred day simple moving average is $69.70. The stock has a market capitalization of $6.39 billion, a P/E ratio of 12.23, a PEG ratio of 1.01 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping 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 business earned $1.22 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.18%.

Analyst Ratings Changes

Several research firms recently weighed in on PB. Piper Sandler decreased their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research report on Wednesday. They issued an “overweight” rating and a $78.00 price objective on the stock. Citigroup upped their price objective 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. Finally, Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $83.75.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total value of $33,595.00. Following the completion of the sale, the director owned 93,415 shares of the company’s stock, valued at $6,276,553.85. This trade represents a 0.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 15,400 shares of company stock valued at $1,069,500 over the last ninety days. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Company 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.