Swiss National Bank Decreases Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Swiss National Bank cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,567 shares of the bank’s stock after selling 2,800 shares during the period. Swiss National Bank owned 0.19% of Prosperity Bancshares worth $13,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Quarry LP bought a new stake in Prosperity Bancshares in the fourth quarter worth about $88,000. Fifth Third Bancorp boosted its holdings in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock valued at $91,000 after acquiring an additional 396 shares during the period. Chilton Capital Management LLC bought a new position in Prosperity Bancshares in the 1st quarter valued at $105,000. PNC Financial Services Group Inc. increased its stake in Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after purchasing an additional 249 shares during the period. Finally, New England Research & Management Inc. bought a new stake in shares of Prosperity Bancshares during the first quarter worth $212,000. 80.69% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the sale, the director directly owned 45,700 shares in the company, valued at $3,239,673. This trade represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 14,300 shares of company stock worth $1,002,309 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.2%

NYSE:PB opened at $68.30 on Friday. The stock has a market capitalization of $6.49 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.03 and a beta of 0.71. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The firm has a 50 day moving average of $69.81 and a 200 day moving average of $71.08.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. The firm had revenue of $310.70 million during the quarter, compared to analysts’ expectations of $315.66 million. During the same quarter last year, the firm earned $1.22 EPS. As a group, analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is 42.18%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PB shares. Hovde Group cut their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Thursday, July 24th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Piper Sandler dropped their price objective on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research note on Thursday, July 24th. Keefe, Bruyette & Woods lowered their target price on Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating for the company in a report on Monday, May 5th. Finally, Jefferies Financial Group began coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.57.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.