Legal & General Group Plc Acquires New Stake in Prosperity Bancshares, Inc. $PB

Legal & General Group Plc bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, HoldingsChannel.com reports. The firm bought 146,039 shares of the bank’s stock, valued at approximately $10,665,000.

Other large investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Prosperity Bancshares by 21.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after buying an additional 5,326 shares during the period. NewEdge Advisors LLC boosted its position in Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after acquiring an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock worth $24,705,000 after acquiring an additional 17,345 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Prosperity Bancshares by 182.8% during the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after acquiring an additional 67,712 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $359,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.0%

NYSE:PB opened at $71.56 on Tuesday. 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 price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $73.16 and its two-hundred 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 EPS for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the prior year, the firm posted $1.42 EPS. The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. Equities research analysts expect that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

PB has been the topic of a number of recent research reports. Benchmark started coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Royal Bank Of Canada lifted their price target on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of 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 shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Five 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 stock currently has a consensus rating of “Hold” and a consensus target price of $78.36.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total value of $43,908.00. Following the completion of the transaction, the director owned 39,100 shares of the company’s stock, valued at $2,861,338. This trade represents a 1.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 12,100 shares of company stock valued at $877,186 in the last ninety days. Company 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.