Numerai GP LLC Invests $7.22 Million in Prosperity Bancshares, Inc. $PB

Numerai GP LLC purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 108,771 shares of the bank’s stock, valued at approximately $7,217,000. Prosperity Bancshares makes up 1.0% of Numerai GP LLC’s investment portfolio, making the stock its 12th largest holding. Numerai GP LLC owned approximately 0.11% of Prosperity Bancshares at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PB. American Century Companies Inc. increased its position in shares of Prosperity Bancshares by 48.7% during 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 in the last quarter. Y Intercept Hong Kong Ltd lifted its position in Prosperity Bancshares by 231.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 53,875 shares of the bank’s stock valued at $3,575,000 after acquiring an additional 37,602 shares in the last quarter. Boston Partners lifted its position in Prosperity Bancshares by 68.9% in the 2nd 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 in the last quarter. SG Americas Securities LLC boosted its stake in Prosperity Bancshares by 634.1% during the 3rd quarter. SG Americas Securities LLC now owns 16,371 shares of the bank’s stock valued at $1,086,000 after purchasing an additional 14,141 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its holdings in shares of Prosperity Bancshares by 44.1% in the 3rd quarter. Rafferty Asset Management LLC now owns 159,871 shares of the bank’s stock worth $10,607,000 after purchasing an additional 48,943 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent analyst reports. Cantor Fitzgerald boosted their price target on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Citigroup reaffirmed a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Janney Montgomery Scott lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Piper Sandler lowered Prosperity Bancshares from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $78.92.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $71.99, for a total transaction of $43,194.00. Following the completion of the sale, the director directly owned 42,700 shares in the company, valued at approximately $3,073,973. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 13,200 shares of company stock valued at $936,078 over the last quarter. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of PB opened at $64.76 on Tuesday. The firm has a market capitalization of $6.58 billion, a P/E ratio of 11.30, a PEG ratio of 0.90 and a beta of 0.66. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The business has a fifty day moving average of $71.22 and a 200 day moving average of $68.80.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to the consensus estimate 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 was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is 41.88%.

Prosperity Bancshares Company 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.