Prosperity Bancshares, Inc. $PB Shares Acquired by Algebris UK Ltd.

Algebris UK Ltd. grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 128.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 531,731 shares of the bank’s stock after purchasing an additional 299,064 shares during the quarter. Prosperity Bancshares makes up 4.0% of Algebris UK Ltd.’s holdings, making the stock its 8th biggest holding. Algebris UK Ltd. owned approximately 0.56% of Prosperity Bancshares worth $35,253,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PB. AQR Capital Management LLC raised its holdings in Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after buying an additional 1,516,939 shares during the last quarter. American Century Companies Inc. increased its position in Prosperity Bancshares by 4,674.9% in the 2nd quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after acquiring an additional 1,397,033 shares during the period. Norges Bank bought a new position in shares of Prosperity Bancshares during the second quarter valued at $53,398,000. Boston Partners raised its stake in shares of Prosperity Bancshares by 68.9% during the second quarter. Boston Partners now owns 554,502 shares of the bank’s stock valued at $38,945,000 after acquiring an additional 226,232 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Prosperity Bancshares by 70.8% during the second quarter. Qube Research & Technologies Ltd now owns 522,107 shares of the bank’s stock worth $36,673,000 after purchasing an additional 216,441 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Trading Down 3.5%

PB opened at $71.82 on Monday. The company has a fifty day moving average price of $70.55 and a two-hundred day moving average price of $68.34. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $82.75. The company has a market cap of $6.82 billion, a P/E ratio of 12.80, a price-to-earnings-growth ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The company had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. During the same quarter in the prior year, the firm earned $1.34 EPS. The business’s revenue was up 3.9% on a year-over-year basis. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 42.78%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $74.29, for a total transaction of $37,145.00. Following the transaction, the director directly owned 83,915 shares of the company’s stock, valued at $6,234,045.35. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 16,150 shares of company stock worth $1,127,735 in the last ninety days. Insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PB. Royal Bank Of Canada lowered their target price on Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research report on Friday, October 10th. Piper Sandler decreased their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Barclays upped their target price on Prosperity Bancshares from $82.00 to $83.00 and gave the company an “equal weight” rating in a report on Friday, December 19th. Finally, Hovde Group lowered shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 26th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.75.

Prosperity Bancshares 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.