Citizens Financial Group Inc. RI Takes $629,000 Position in Prosperity Bancshares, Inc. $PB

Citizens Financial Group Inc. RI bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,548 shares of the bank’s stock, valued at approximately $629,000.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in Prosperity Bancshares during the 2nd quarter valued at $746,776,000. AQR Capital Management LLC grew its stake in shares of Prosperity Bancshares by 175.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after acquiring an additional 1,516,939 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Prosperity Bancshares by 910.4% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock worth $90,607,000 after acquiring an additional 1,181,295 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at about $57,877,000. Finally, North Reef Capital Management LP raised its holdings in shares of Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after purchasing an additional 662,877 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PB shares. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. TD Cowen lifted their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Benchmark started coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating on the stock. Royal Bank Of Canada upped their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Price Performance

PB opened at $72.94 on Thursday. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The firm has a 50-day moving average of $72.98 and a 200 day moving average of $70.49. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market cap of $7.36 billion, a P/E ratio of 12.64, a PEG ratio of 0.81 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.50 by $0.12. The business had revenue of $369.18 million for 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 company’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Dividend Announcement

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

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $73.64, for a total value of $36,820.00. Following the transaction, the director owned 70,615 shares in the company, valued at approximately $5,200,088.60. This represents a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have sold 12,100 shares of company stock valued at $872,923. Insiders own 3.96% of the company’s stock.

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.