Squarepoint Ops LLC purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) during the 2nd quarter, HoldingsChannel reports. The firm purchased 71,926 shares of the bank’s stock, valued at approximately $5,253,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Prosperity Bancshares during the 2nd quarter worth $746,776,000. California State Teachers Retirement System lifted its stake in Prosperity Bancshares by 6,498.9% in the second quarter. California State Teachers Retirement System now owns 7,924,120 shares of the bank’s stock valued at $578,698,000 after buying an additional 7,804,038 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Prosperity Bancshares in the second quarter valued at $350,099,000. AQR Capital Management LLC boosted its holdings in shares of Prosperity Bancshares by 175.1% during the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock valued at $167,393,000 after acquiring an additional 1,516,939 shares during the period. Finally, Algebris UK Ltd. acquired a new position in shares of Prosperity Bancshares during the second quarter valued at $59,465,000. Institutional investors and hedge funds own 80.69% of the company’s stock.
Insider Activity at Prosperity Bancshares
In other news, Director Ned Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $71.42, for a total value of $35,710.00. Following the completion of the sale, the director directly owned 69,115 shares of the company’s stock, valued at approximately $4,936,193.30. This represents a 0.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 12,100 shares of company stock worth $881,715. 3.96% of the stock is currently owned by insiders.
Prosperity Bancshares Trading Down 0.2%
Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company’s revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.42 earnings per share. Equities analysts predict that Prosperity Bancshares, Inc. will post 6.48 earnings per share for the current year.
Prosperity Bancshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is 41.59%.
Analyst Ratings Changes
A number of analysts recently weighed in on the stock. TD Cowen increased their price objective on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Benchmark assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Citigroup raised their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Finally, Morgan Stanley cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $78.36.
About Prosperity Bancshares
Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses and institutions.
Prosperity Bank offers a range of deposit products, including checking, savings and time deposit accounts, along with consumer, residential mortgage, commercial and real estate lending. Its services also include treasury management, cash management, online and mobile banking, wealth management and other financial solutions designed for personal and business customers.
Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.
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