The Manufacturers Life Insurance Company Takes $5.15 Million Position in Prosperity Bancshares, Inc. $PB

The Manufacturers Life Insurance Company acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 70,542 shares of the bank’s stock, valued at approximately $5,152,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Prosperity Bancshares as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PB. Sepio Capital LP grew its holdings in Prosperity Bancshares by 2.4% during the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after acquiring an additional 133 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Prosperity Bancshares by 1.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after purchasing an additional 145 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Earned Wealth Advisors LLC lifted its position in shares of Prosperity Bancshares by 6.2% during the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock worth $244,000 after purchasing an additional 213 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Prosperity Bancshares by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after purchasing an additional 228 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PB shares. Benchmark started coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. Royal Bank Of Canada upped their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 30th. TD Cowen increased their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a report on Friday, July 31st. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $78.36.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $73.18, for a total transaction of $43,908.00. Following the transaction, the director owned 39,100 shares in the company, valued at $2,861,338. This trade represents a 1.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 12,100 shares of company stock valued at $877,186. 3.96% of the stock is owned by corporate insiders.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $71.56 on Tuesday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The firm has a market capitalization of $7.22 billion, a P/E ratio of 12.40, a P/E/G ratio of 0.79 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The company’s fifty day moving average price is $73.16 and its 200 day moving average price is $70.49.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. Prosperity Bancshares’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.42 earnings per share. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is presently 41.59%.

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.