Vanguard Personalized Indexing Management LLC Grows Stock Position in Prosperity Bancshares, Inc. $PB

Vanguard Personalized Indexing Management LLC grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 18.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,486 shares of the bank’s stock after purchasing an additional 1,454 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Prosperity Bancshares were worth $666,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Steph & Co. acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Prosperity Bancshares in the first quarter valued at $48,000. IFP Advisors Inc increased its position in Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after purchasing an additional 901 shares in the last quarter. Parallel Advisors LLC grew its stake in Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after buying an additional 141 shares during the period. Finally, Signaturefd LLC raised its position in Prosperity Bancshares by 33.8% in the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after purchasing an additional 249 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $70.21, for a total value of $42,126.00. Following the completion of the sale, the director directly owned 44,800 shares in the company, valued at approximately $3,145,408. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold a total of 14,300 shares of company stock worth $960,266 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Price Performance

PB opened at $64.17 on Tuesday. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of 11.67, a price-to-earnings-growth ratio of 0.94 and a beta of 0.73. The business has a 50 day moving average price of $66.76 and a two-hundred day moving average price of $68.40. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million during 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 prior year, the business earned $1.22 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PB. TD Cowen began coverage on Prosperity Bancshares in a research report on Thursday, September 25th. They set a “buy” rating and a $79.00 target price on the stock. Citigroup reiterated a “neutral” rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Thursday, July 24th. Cantor Fitzgerald assumed 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. Finally, Raymond James Financial set a $75.00 price target on Prosperity Bancshares in a research report on Tuesday, October 7th. Twelve analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $82.27.

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.