First National Bank of Omaha acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 91,393 shares of the bank’s stock, valued at approximately $6,390,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Community Bank N.A. acquired a new position in shares of Prosperity Bancshares during the third quarter worth approximately $29,000. Danske Bank A S acquired a new position in shares of Prosperity Bancshares during the third quarter worth approximately $40,000. SouthState Bank Corp acquired a new position in shares of Prosperity Bancshares during the fourth quarter worth approximately $49,000. Osaic Holdings Inc. boosted its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of Prosperity Bancshares during the fourth quarter worth approximately $55,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PB has been the subject of several analyst reports. Citigroup boosted their price objective on Prosperity Bancshares from $72.00 to $74.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Cantor Fitzgerald boosted their target price on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Weiss Ratings cut Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, May 11th. TD Cowen boosted their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Five equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $76.82.
Insider Activity
In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $64.29, for a total value of $38,574.00. Following the transaction, the director owned 41,400 shares of the company’s stock, valued at approximately $2,661,606. This represents a 1.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 14,300 shares of company stock valued at $978,402 over the last quarter. 3.96% of the stock is currently owned by corporate insiders.
Prosperity Bancshares Price Performance
Shares of NYSE:PB opened at $72.64 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.10 and a beta of 0.64. The stock’s 50 day moving average price is $68.95 and its 200 day moving average price is $69.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.
Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter in the previous year, the company earned $1.37 earnings per share. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.
Prosperity Bancshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is currently 43.48%.
About Prosperity Bancshares
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.
Featured Articles
- Five stocks we like better than Prosperity Bancshares
- SpaceX Rings the Bell and Shatters Every Record
- Adobe Stock Just Got Cheaper—Is Wall Street Missing the Story?
- 3 Dividend Stocks Under $50 That Pay You to Wait Out Inflation
- The 127-Gigawatt Problem: Why AI Needs Its Own Power
Want to see what other hedge funds are holding PB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prosperity Bancshares, Inc. (NYSE:PB – Free Report).
Receive News & Ratings for Prosperity Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prosperity Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.
