678 Shares in Prosperity Bancshares, Inc. $PB Acquired by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 678 shares of the bank’s stock, valued at approximately $48,000.

Several other hedge funds have also recently added to or reduced their stakes in PB. Nuveen LLC bought a new stake in Prosperity Bancshares during the 1st quarter valued at $25,491,000. Vaughan Nelson Investment Management L.P. raised its stake in Prosperity Bancshares by 25.1% during 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 stake in Prosperity Bancshares by 25.5% during 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. Algebris UK Ltd bought a new stake in Prosperity Bancshares during the 1st quarter valued at $9,956,000. Finally, Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank’s stock valued at $334,595,000 after acquiring an additional 102,044 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.7%

Shares of NYSE PB opened at $69.1580 on Tuesday. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.05 and a beta of 0.71. The stock’s fifty day simple moving average is $69.61 and its 200 day simple moving average is $70.37. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) 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 analysts’ expectations of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the previous year, the firm posted $1.22 EPS. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares’s payout ratio is presently 42.18%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PB. Wall Street Zen raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Piper Sandler cut their target price on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research note on Thursday, July 24th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 target price on the stock. Hovde Group dropped their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Thursday, July 24th. Finally, Keefe, Bruyette & Woods dropped their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, May 5th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $84.57.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $70.30, for a total value of $42,180.00. Following the transaction, the director directly owned 45,600 shares in the company, valued at $3,205,680. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last 90 days, insiders sold 14,300 shares of company stock valued at $998,411. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Company 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.