Man Group plc Takes $4.28 Million Position in Prosperity Bancshares, Inc. $PB

Man Group plc bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, Holdings Channel.com reports. The firm bought 58,624 shares of the bank’s stock, valued at approximately $4,281,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth about $40,000. SouthState Bank Corp bought a new stake in Prosperity Bancshares during the fourth quarter worth about $49,000. Osaic Holdings Inc. boosted its stake in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Prosperity Bancshares in the second quarter worth about $54,000. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Prosperity Bancshares in the fourth quarter worth about $55,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $67.69, for a total value of $40,614.00. Following the completion of the transaction, the director owned 40,300 shares in the company, valued at $2,727,907. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 12,100 shares of company stock valued at $877,186 in the last three months. 3.96% of the stock is owned by insiders.

Prosperity Bancshares Trading Up 0.1%

NYSE:PB opened at $72.35 on Monday. The stock has a market cap of $7.30 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.79 and a beta of 0.64. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average price is $73.16 and its 200-day moving average price is $70.52. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The company had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.42 EPS. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.59%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PB. Royal Bank Of Canada lifted their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Piper Sandler upped their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Finally, Citigroup lifted their price objective on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $78.36.

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.