Fifth Third Bancorp Buys 39,433 Shares of Prosperity Bancshares, Inc. $PB

Fifth Third Bancorp grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 3,881.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 40,449 shares of the bank’s stock after purchasing an additional 39,433 shares during the quarter. Fifth Third Bancorp’s holdings in Prosperity Bancshares were worth $2,717,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PB. Vanguard Group Inc. grew its position in Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after purchasing an additional 140,035 shares during the last quarter. State Street Corp increased its holdings in shares of Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after purchasing an additional 343,062 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Prosperity Bancshares by 34.5% in the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after acquiring an additional 1,179,307 shares during the period. Morgan Stanley raised its holdings in Prosperity Bancshares by 0.4% in the 4th quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock worth $254,316,000 after purchasing an additional 15,192 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Prosperity Bancshares by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,876,428 shares of the bank’s stock worth $129,710,000 after buying an additional 7,602 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PB shares. TD Cowen raised their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Citigroup increased their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Morgan Stanley reissued an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Finally, Benchmark began coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus target price of $76.36.

Prosperity Bancshares Trading Down 0.8%

Shares of PB opened at $72.92 on Tuesday. The firm’s 50-day moving average is $70.62 and its two-hundred day moving average is $70.09. The firm has a market capitalization of $7.36 billion, a P/E ratio of 13.21, a PEG ratio of 1.18 and a beta of 0.63. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same period in the previous year, the business earned $1.37 earnings per share. Prosperity Bancshares’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, research analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total value of $42,366.00. Following the completion of the sale, the director owned 39,800 shares in the company, valued at $2,810,278. The trade was a 1.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 13,200 shares of company stock worth $926,152 in the last 90 days. 3.96% of the stock is owned by company insiders.

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.