Prosperity Bancshares, Inc. $PB Shares Purchased by Quantinno Capital Management LP

Quantinno Capital Management LP boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 16.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,916 shares of the bank’s stock after purchasing an additional 20,536 shares during the period. Quantinno Capital Management LP’s holdings in Prosperity Bancshares were worth $9,803,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PB. SummitTX Capital L.P. purchased a new position in shares of Prosperity Bancshares in the 1st quarter worth about $3,878,000. Lazard Asset Management LLC grew its holdings in shares of Prosperity Bancshares by 127.1% during the 1st quarter. Lazard Asset Management LLC now owns 14,106 shares of the bank’s stock worth $948,000 after purchasing an additional 7,896 shares during the period. North Reef Capital Management LP grew its holdings in shares of Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares during the period. Lombard Odier Asset Management USA Corp acquired a new stake in Prosperity Bancshares during the 1st quarter worth approximately $335,000. Finally, Waverly Advisors LLC increased its position in Prosperity Bancshares by 87.5% during the 1st quarter. Waverly Advisors LLC now owns 5,848 shares of the bank’s stock worth $393,000 after purchasing an additional 2,729 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $74.86 on Wednesday. The business’s 50-day simple moving average is $71.87 and its 200 day simple moving average is $70.32. The company has a market cap of $7.55 billion, a P/E ratio of 12.97, a PEG ratio of 0.82 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm had revenue of $391.25 million during the quarter, compared to analysts’ expectations of $380.73 million. During the same quarter in the prior year, the business earned $1.42 EPS. Prosperity Bancshares’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 6.43 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. Prosperity Bancshares’s dividend payout ratio is 41.59%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PB. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Royal Bank Of Canada increased their price objective on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday. Citigroup lifted their target price on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a report on Friday. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $78.36.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $74.25, for a total transaction of $37,125.00. Following the sale, the director owned 72,115 shares of the company’s stock, valued at $5,354,538.75. The trade was a 0.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 11,000 shares of company stock worth $777,177. 3.96% of the stock is currently owned by company insiders.

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.