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

Geode Capital Management LLC raised its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,876,428 shares of the bank’s stock after purchasing an additional 7,602 shares during the period. Geode Capital Management LLC’s holdings in Prosperity Bancshares were worth $129,710,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Clearstead Advisors LLC increased its position in Prosperity Bancshares by 10.9% during the 3rd quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after purchasing an additional 159 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Prosperity Bancshares by 0.6% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 31,164 shares of the bank’s stock valued at $2,068,000 after buying an additional 188 shares in the last quarter. Profund Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 5.9% in the 3rd quarter. Profund Advisors LLC now owns 3,756 shares of the bank’s stock valued at $249,000 after buying an additional 210 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Prosperity Bancshares by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock valued at $2,631,000 after buying an additional 228 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Weiss Ratings cut shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. 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 research note on Tuesday, March 3rd. Citigroup lifted their target price on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. Finally, Piper Sandler lifted their target price on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Five analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $76.82.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $65.97, for a total value of $39,582.00. Following the sale, the director directly owned 41,500 shares of the company’s stock, valued at approximately $2,737,755. This represents a 1.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 14,300 shares of company stock worth $972,475. Corporate insiders own 3.96% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $68.90 on Friday. 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 fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock has a market cap of $6.95 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.03 and a beta of 0.64. The firm’s fifty day simple moving average is $68.43 and its 200-day simple moving average is $69.63.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping 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 business had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same period in the prior year, the company posted $1.37 EPS. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. Analysts expect that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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