Prosperity Bancshares, Inc. $PB Stake Increased by UBS Group AG

UBS Group AG increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 81.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 643,964 shares of the bank’s stock after buying an additional 288,862 shares during the quarter. UBS Group AG’s holdings in Prosperity Bancshares were worth $44,504,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Mather Group LLC. acquired a new stake in Prosperity Bancshares during the 3rd quarter worth about $26,000. Community Bank N.A. purchased a new stake in shares of Prosperity Bancshares in the third quarter worth approximately $29,000. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the third quarter worth approximately $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the third quarter worth approximately $42,000. Finally, Osaic Holdings Inc. grew its position in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

Shares of PB opened at $70.16 on Thursday. The firm has a market cap of $7.12 billion, a PE ratio of 12.71, a PEG ratio of 1.07 and a beta of 0.65. The firm’s 50 day moving average price is $68.08 and its 200 day moving average price is $69.17. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.76. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The company had revenue of $367.62 million during the quarter, compared to the consensus estimate of $358.60 million. During the same period in the previous year, the firm posted $1.37 earnings per share. The company’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 6.24 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, June 15th. Prosperity Bancshares’s payout ratio is presently 43.48%.

Wall Street Analyst Weigh In

PB has been the topic of several research reports. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. DA Davidson restated a “neutral” rating and set a $76.00 price target on shares of Prosperity Bancshares in a report on Thursday, January 29th. Morgan Stanley dropped their price target on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Finally, Cantor Fitzgerald lifted their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $77.50.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $69.59, for a total transaction of $34,795.00. Following the transaction, the director directly owned 78,615 shares of the company’s stock, valued at $5,470,817.85. This represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 12,100 shares of company stock valued at $834,777 in the last three months. Corporate insiders own 3.96% of the company’s stock.

About Prosperity Bancshares

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.