792,514 Shares in Prosperity Bancshares, Inc. $PB Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 792,514 shares of the bank’s stock, valued at approximately $57,877,000.

Several other institutional investors have also modified their holdings of PB. Danske Bank A S acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at $40,000. SouthState Bank Corp acquired a new position in Prosperity Bancshares in the fourth quarter valued at $49,000. Osaic Holdings Inc. raised its holdings in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Prosperity Bancshares during the fourth quarter worth about $55,000. Finally, Group One Trading LLC acquired a new position in Prosperity Bancshares in the 4th quarter valued at about $66,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. TD Cowen raised their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Benchmark started coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Five 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, Prosperity Bancshares has an average rating of “Hold” and a consensus price target of $78.36.

Prosperity Bancshares Price Performance

PB stock opened at $73.11 on Thursday. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. 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 stock’s 50 day moving average price is $73.11 and its 200 day moving average price is $70.55. The firm has a market cap of $7.37 billion, a P/E ratio of 12.67, a PEG ratio of 0.79 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm had revenue of $369.18 million during the quarter, compared to analysts’ expectations of $380.73 million. During the same quarter last year, the business posted $1.42 EPS. The firm’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.47 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 Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. 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 is currently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $67.69, for a total value of $40,614.00. Following the sale, the director directly owned 40,300 shares of the company’s stock, valued at approximately $2,727,907. This trade represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 12,100 shares of company stock worth $877,186. Corporate insiders own 3.96% of the company’s stock.

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.