Elo Mutual Pension Insurance Co Buys 13,873 Shares of Prosperity Bancshares, Inc. $PB

Elo Mutual Pension Insurance Co lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 63.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,730 shares of the bank’s stock after purchasing an additional 13,873 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Prosperity Bancshares were worth $2,371,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PB. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 4.8% during the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after buying an additional 465,227 shares in the last quarter. State Street Corp lifted its holdings in shares of Prosperity Bancshares by 3.2% during the 2nd quarter. State Street Corp now owns 5,236,977 shares of the bank’s stock worth $370,768,000 after acquiring an additional 160,740 shares during the period. AQR Capital Management LLC boosted its position in shares of Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after acquiring an additional 1,516,939 shares in the last quarter. American Century Companies Inc. increased its stake in Prosperity Bancshares by 48.7% in the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after acquiring an additional 695,114 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Prosperity Bancshares by 0.7% during the second quarter. Geode Capital Management LLC now owns 1,788,114 shares of the bank’s stock valued at $125,615,000 after purchasing an additional 11,606 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $70.04, for a total transaction of $42,024.00. Following the transaction, the director directly owned 41,600 shares of the company’s stock, valued at approximately $2,913,664. The trade was a 1.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 14,250 shares of company stock valued at $1,018,824 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Piper Sandler downgraded Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Raymond James Financial lowered Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Janney Montgomery Scott downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Cantor Fitzgerald raised their price target on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Hold” and an average price target of $78.92.

Prosperity Bancshares Trading Down 0.4%

NYSE:PB opened at $69.78 on Thursday. The stock’s 50-day moving average is $71.75 and its 200-day moving average is $68.91. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The stock has a market cap of $7.09 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.98 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million during the quarter, compared to analyst estimates of $319.30 million. During the same quarter last year, the business earned $1.37 EPS. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.60 dividend. 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 currently 41.88%.

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.