SG Americas Securities LLC boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 42.5% during the first quarter, Holdings Channel reports. The firm owned 32,738 shares of the bank’s stock after purchasing an additional 9,765 shares during the quarter. SG Americas Securities LLC’s holdings in Prosperity Bancshares were worth $2,199,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Community Bank N.A. bought a new stake in Prosperity Bancshares in the 3rd quarter worth approximately $29,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares in the 4th quarter worth $49,000. Osaic Holdings Inc. boosted its stake 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 buying an additional 186 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Prosperity Bancshares in the fourth quarter worth $55,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.
Insider Activity
In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $73.56, for a total transaction of $36,780.00. Following the sale, the director directly owned 74,115 shares in the company, valued at $5,451,899.40. This trade represents a 0.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 14,300 shares of company stock valued at $999,976 over the last three months. Corporate insiders own 3.96% of the company’s stock.
Prosperity Bancshares Price Performance
Prosperity Bancshares (NYSE:PB – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The firm had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.37 EPS. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.
Prosperity Bancshares Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is 43.48%.
Analyst Ratings Changes
A number of research firms recently commented on PB. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. TD Cowen boosted their price target on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Benchmark began coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Piper Sandler increased their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Finally, Citigroup raised their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $76.82.
Check Out Our Latest Report on Prosperity Bancshares
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.
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