Geode Capital Management LLC Increases Stock Position in Prosperity Bancshares, Inc. $PB

Geode Capital Management LLC raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,876,428 shares of the bank’s stock after buying an additional 7,602 shares during the period. Geode Capital Management LLC owned about 1.98% of Prosperity Bancshares worth $129,710,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its position in shares of Prosperity Bancshares by 175.1% in 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 during the period. American Century Companies Inc. lifted its position in shares of Prosperity Bancshares by 48.7% in the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after purchasing an additional 695,114 shares during the period. Vanguard Group Inc. lifted its position in shares of Prosperity Bancshares by 4.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after purchasing an additional 465,227 shares during the period. Algebris UK Ltd. lifted its position in shares of Prosperity Bancshares by 67.8% in the 4th quarter. Algebris UK Ltd. now owns 892,489 shares of the bank’s stock worth $61,709,000 after purchasing an additional 360,758 shares during the period. Finally, State Street Corp lifted its position in shares of Prosperity Bancshares by 6.6% in the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PB shares. Morgan Stanley lowered their price target on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings cut shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. TD Cowen lifted their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Cantor Fitzgerald lifted their target price on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. 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 data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $76.82.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.70, for a total value of $33,850.00. Following the sale, the director owned 76,115 shares of the company’s stock, valued at approximately $5,152,985.50. This represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 14,300 shares of company stock valued at $972,475 over the last quarter. Corporate insiders own 3.96% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $68.90 on Friday. The company has a market cap of $6.95 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.03 and a beta of 0.64. The firm’s fifty day moving average is $68.43 and its 200 day moving average is $69.63. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20.

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

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio 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.