70,542 Shares in Prosperity Bancshares, Inc. $PB Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 70,542 shares of the bank’s stock, valued at approximately $5,152,000.

A number of other institutional investors also recently bought and sold shares of PB. Danske Bank A S purchased a new stake in shares of Prosperity Bancshares in the third quarter valued at about $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares during the fourth quarter worth about $49,000. Osaic Holdings Inc. increased its position in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after acquiring an additional 186 shares during the period. Global Retirement Partners LLC acquired a new position in Prosperity Bancshares in the 2nd quarter valued at about $54,000. Finally, Eurizon Capital SGR S.p.A. acquired a new position in Prosperity Bancshares in the 4th quarter valued at about $55,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of PB opened at $71.56 on Tuesday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average is $73.16 and its two-hundred day moving average is $70.49. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The firm has a market capitalization of $7.22 billion, a PE ratio of 12.40, a P/E/G ratio of 0.79 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.42 EPS. Research analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the firm’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 sale, the director 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 can be accessed through the SEC website. Insiders sold a total of 12,100 shares of company stock valued at $877,186 in the last three months. 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.