150,681 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Acquired by Algebris UK Ltd

Algebris UK Ltd purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 150,681 shares of the bank’s stock, valued at approximately $9,956,000. Prosperity Bancshares comprises about 1.8% of Algebris UK Ltd’s investment portfolio, making the stock its 21st largest holding. Algebris UK Ltd owned approximately 0.16% of Prosperity Bancshares as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Prosperity Bancshares in the 4th quarter valued at $68,986,000. North Reef Capital Management LP acquired a new position in Prosperity Bancshares in the 4th quarter valued at $29,211,000. Vaughan Nelson Investment Management L.P. raised its holdings in Prosperity Bancshares by 25.1% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank’s stock valued at $79,404,000 after acquiring an additional 223,355 shares in the last quarter. Northern Trust Corp raised its holdings in Prosperity Bancshares by 25.5% in the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank’s stock valued at $70,611,000 after acquiring an additional 190,449 shares in the last quarter. Finally, ExodusPoint Capital Management LP raised its holdings in Prosperity Bancshares by 462.3% in the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank’s stock valued at $12,793,000 after acquiring an additional 139,585 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Hovde Group dropped their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Thursday, July 24th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price target on the stock. Barclays decreased their price target on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, Royal Bank Of Canada decreased their price target on Prosperity Bancshares from $85.00 to $78.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $84.57.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total transaction of $42,534.00. Following the transaction, the director directly owned 45,700 shares of the company’s stock, valued at approximately $3,239,673. The trade was a 1.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 12,500 shares of company stock worth $885,446. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Down 0.3%

Shares of PB stock opened at $67.52 on Tuesday. The firm has a market capitalization of $6.43 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.01 and a beta of 0.68. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The stock’s fifty day simple moving average is $70.64 and its 200 day simple moving average is $72.06.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. During the same quarter in the previous year, the company posted $1.22 EPS. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares’s payout ratio is presently 42.18%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.