Federated Hermes Inc. Reduces Position in Prosperity Bancshares, Inc. $PB

Federated Hermes Inc. trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 49.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 28,294 shares of the bank’s stock after selling 27,763 shares during the quarter. Federated Hermes Inc.’s holdings in Prosperity Bancshares were worth $1,877,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. AQR Capital Management LLC increased its position in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after purchasing an additional 1,516,939 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Prosperity Bancshares by 4,674.9% during the 2nd quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock worth $100,227,000 after purchasing an additional 1,397,033 shares during the last quarter. Norges Bank purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $53,398,000. Algebris UK Ltd. raised its position in shares of Prosperity Bancshares by 128.5% in the third quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock valued at $35,253,000 after buying an additional 299,064 shares during the last quarter. Finally, Boston Partners raised its position in shares of Prosperity Bancshares by 68.9% in the second quarter. Boston Partners now owns 554,502 shares of the bank’s stock valued at $38,945,000 after buying an additional 226,232 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $66.69, for a total transaction of $33,345.00. Following the transaction, the director directly owned 83,415 shares in the company, valued at $5,562,946.35. This represents a 0.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 15,050 shares of company stock valued at $1,055,837 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on PB shares. Royal Bank Of Canada lowered their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research report on Wednesday, January 7th. Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a report on Monday. Raymond James Financial downgraded shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Stephens increased their price target on shares of Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Seven 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. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average price target of $78.77.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.89 on Thursday. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 0.92 and a beta of 0.67. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $81.53. The business has a 50-day moving average of $71.07 and a 200-day moving average of $68.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The company had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. During the same quarter last year, the company earned $1.37 earnings per share. Prosperity Bancshares’s revenue for the quarter was down 5.9% on a year-over-year basis. 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 declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s payout ratio is 41.88%.

Prosperity Bancshares 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.