11,607 Shares in Prosperity Bancshares, Inc. $PB Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,607 shares of the bank’s stock, valued at approximately $848,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Danske Bank A S bought a new stake in shares of Prosperity Bancshares during the 3rd quarter valued at $40,000. SouthState Bank Corp bought a new position in shares of Prosperity Bancshares in the 4th quarter worth $49,000. Osaic Holdings Inc. boosted its position in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $54,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth $55,000. 80.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PB shares. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Citigroup boosted their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Piper Sandler increased their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Five equities research 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 MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $78.36.

Prosperity Bancshares Trading Down 0.2%

NYSE:PB opened at $74.35 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The business’s 50-day simple moving average is $72.94 and its 200-day simple moving average is $70.46. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock has a market capitalization of $7.50 billion, a PE ratio of 12.89, a price-to-earnings-growth ratio of 0.82 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last posted 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 $369.18 million during the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.Prosperity Bancshares’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.42 EPS. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.45 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is 41.59%.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $74.14, for a total transaction of $37,070.00. Following the sale, the director directly owned 71,115 shares in the company, valued at $5,272,466.10. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 11,000 shares of company stock worth $791,901 over the last ninety days. 3.96% of the stock is owned by corporate insiders.

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.