544,708 Shares in Prosperity Bancshares, Inc. $PB Acquired by Norges Bank

Norges Bank acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 544,708 shares of the bank’s stock, valued at approximately $37,645,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after buying an additional 1,516,939 shares in the last quarter. American Century Companies Inc. grew its position in Prosperity Bancshares by 48.7% in the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after buying an additional 695,114 shares in the last quarter. Vanguard Group Inc. grew its position in Prosperity Bancshares by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock valued at $671,256,000 after buying an additional 465,227 shares in the last quarter. Algebris UK Ltd. grew its position in Prosperity Bancshares by 67.8% in the 4th quarter. Algebris UK Ltd. now owns 892,489 shares of the bank’s stock valued at $61,709,000 after buying an additional 360,758 shares in the last quarter. Finally, State Street Corp grew its position in Prosperity Bancshares by 6.6% in the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after buying an additional 343,062 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $67.70, for a total transaction of $33,850.00. Following the completion of the sale, the director directly owned 76,115 shares of the company’s stock, valued at $5,152,985.50. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 14,300 shares of company stock worth $972,475. Company insiders own 3.96% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Cantor Fitzgerald increased their price target on Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Morgan Stanley decreased their price target on Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Finally, Weiss Ratings lowered Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $76.82.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $69.62 on Tuesday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $68.56 and a 200-day moving average of $69.69. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 1.06 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. The company had revenue of $367.62 million during the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 EPS. Analysts forecast that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

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.