11,847 Shares in Prosperity Bancshares, Inc. $PB Acquired by Bryce Point Capital LLC

Bryce Point Capital LLC acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,847 shares of the bank’s stock, valued at approximately $832,000.

Other hedge funds have also recently made changes to their positions in the company. Steph & Co. purchased a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $38,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Prosperity Bancshares during the 1st quarter worth approximately $48,000. IFP Advisors Inc boosted its position in shares of Prosperity Bancshares by 1,251.4% during the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after purchasing an additional 901 shares during the period. Parallel Advisors LLC boosted its position in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after purchasing an additional 141 shares during the period. Finally, Signaturefd LLC lifted its holdings in Prosperity Bancshares by 33.8% during the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock worth $69,000 after buying an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, October 29th. The shares were sold at an average price of $65.20, for a total value of $32,600.00. Following the sale, the director directly owned 89,915 shares in the company, valued at approximately $5,862,458. This trade represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 14,300 shares of company stock valued at $950,496. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Up 1.0%

Shares of PB opened at $66.49 on Tuesday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $86.75. The firm’s fifty day simple moving average is $66.00 and its 200-day simple moving average is $68.34. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. During the same period last year, the business earned $1.34 EPS. The company’s revenue was up 3.9% on a year-over-year basis. On average, analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is 42.78%.

Wall Street Analyst Weigh In

PB has been the topic of a number of research reports. Cantor Fitzgerald initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Hovde Group reduced their target price on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a report on Thursday, October 30th. TD Cowen increased their target price on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a report on Friday. Finally, Piper Sandler reduced their target price on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $80.50.

About Prosperity Bancshares

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.