Prosperity Bancshares, Inc. $PB Shares Purchased by Voya Investment Management LLC

Voya Investment Management LLC grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 26.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 109,264 shares of the bank’s stock after purchasing an additional 22,650 shares during the quarter. Voya Investment Management LLC owned approximately 0.11% of Prosperity Bancshares worth $7,798,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of PB. First Hawaiian Bank raised its stake in Prosperity Bancshares by 10.6% during the 1st quarter. First Hawaiian Bank now owns 5,102 shares of the bank’s stock worth $364,000 after acquiring an additional 490 shares in the last quarter. Strs Ohio purchased a new position in shares of Prosperity Bancshares during the first quarter worth about $2,450,000. Jane Street Group LLC grew its holdings in shares of Prosperity Bancshares by 182.8% during the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after purchasing an additional 67,712 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after purchasing an additional 17,345 shares in the last quarter. Finally, Dean Capital Management lifted its holdings in shares of Prosperity Bancshares by 2.4% in the 1st quarter. Dean Capital Management now owns 29,778 shares of the bank’s stock valued at $2,125,000 after purchasing an additional 697 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $65.82 on Thursday. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The company has a market cap of $6.25 billion, a P/E ratio of 11.97, a PEG ratio of 0.98 and a beta of 0.74. The firm has a fifty day moving average of $68.62 and a two-hundred day moving average of $69.35.

Prosperity Bancshares (NYSE:PB) 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 analyst estimates of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same period in the previous year, the business posted $1.22 earnings per share. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares’s dividend payout ratio is 42.18%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total transaction of $33,595.00. Following the transaction, the director owned 93,415 shares of the company’s stock, valued at $6,276,553.85. This 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 at this link. Insiders sold 14,300 shares of company stock valued at $995,019 in the last quarter. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

PB has been the topic of a number of research reports. Citigroup restated a “neutral” rating and set a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday. Piper Sandler lowered their target price 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. Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 price target for the company. Finally, Hovde Group dropped 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 note on Thursday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $83.13.

About Prosperity Bancshares

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.