Magnetar Financial LLC Raises Stock Position in Prosperity Bancshares, Inc. $PB

Magnetar Financial LLC raised its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 284.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,830 shares of the bank’s stock after acquiring an additional 24,299 shares during the quarter. Magnetar Financial LLC’s holdings in Prosperity Bancshares were worth $2,178,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. American Century Companies Inc. raised its stake in Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after purchasing an additional 695,114 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in Prosperity Bancshares by 231.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 53,875 shares of the bank’s stock worth $3,575,000 after purchasing an additional 37,602 shares in the last quarter. Boston Partners boosted its stake in Prosperity Bancshares by 68.9% in the 2nd quarter. Boston Partners now owns 554,502 shares of the bank’s stock worth $38,945,000 after purchasing an additional 226,232 shares during the period. SG Americas Securities LLC grew its holdings in Prosperity Bancshares by 634.1% during the 3rd quarter. SG Americas Securities LLC now owns 16,371 shares of the bank’s stock valued at $1,086,000 after buying an additional 14,141 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at approximately $1,488,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Barclays downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. Piper Sandler downgraded shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $77.00 to $74.00 in a report on Thursday, January 29th. DA Davidson restated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Janney Montgomery Scott cut Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Finally, Hovde Group increased their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and an average target price of $78.92.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $66.00, for a total value of $33,000.00. Following the completion of the sale, the director directly owned 80,415 shares of the company’s stock, valued at $5,307,390. This trade represents a 0.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 13,200 shares of company stock worth $936,078 in the last quarter. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.8%

Prosperity Bancshares stock opened at $65.31 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The firm’s fifty day moving average is $71.44 and its 200 day moving average is $68.88. The company has a market cap of $6.63 billion, a price-to-earnings ratio of 11.40, a PEG ratio of 0.92 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. The firm had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.37 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Friday, March 13th. Prosperity Bancshares’s payout ratio is presently 41.88%.

Prosperity Bancshares Company 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.