Prosperity Bancshares, Inc. $PB Position Raised by American Century Companies Inc.

American Century Companies Inc. boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 48.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,122,031 shares of the bank’s stock after purchasing an additional 695,114 shares during the period. American Century Companies Inc. owned approximately 2.23% of Prosperity Bancshares worth $140,797,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Mather Group LLC. acquired a new position in shares of Prosperity Bancshares in the 3rd quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Prosperity Bancshares during the third quarter worth $42,000. Employees Retirement System of Texas bought a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at approximately $48,000. Osaic Holdings Inc. increased its stake in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its position in Prosperity Bancshares by 18,633.3% during the third quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock worth $75,000 after buying an additional 1,118 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 3.0%

Shares of PB stock opened at $70.33 on Monday. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 0.99 and a beta of 0.66. The firm has a fifty day moving average of $71.80 and a 200-day moving average of $68.86. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.92.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.Prosperity Bancshares’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.37 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares’s payout ratio is 41.88%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PB. DA Davidson reiterated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 29th. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research note on Monday, February 2nd. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $77.00 to $74.00 in a report on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $78.77.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $71.31, for a total value of $35,655.00. Following the completion of the transaction, the director owned 81,415 shares of the company’s stock, valued at $5,805,703.65. This trade represents a 0.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 15,050 shares of company stock valued at $1,075,486 in the last ninety days. Company insiders own 4.20% of the company’s stock.

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.