Towle & Co. cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 20.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 45,459 shares of the bank’s stock after selling 11,628 shares during the quarter. Towle & Co.’s holdings in Prosperity Bancshares were worth $3,054,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock worth $2,155,000 after purchasing an additional 5,326 shares during the period. NewEdge Advisors LLC increased its holdings in Prosperity Bancshares by 36.8% during the first quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock valued at $521,000 after buying an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after buying an additional 17,345 shares during the period. Jane Street Group LLC raised its stake in Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock worth $7,476,000 after buying an additional 67,712 shares in the last quarter. Finally, Sivia Capital Partners LLC bought a new position in Prosperity Bancshares in the second quarter worth approximately $359,000. 80.69% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
PB has been the topic of several recent research reports. Weiss Ratings raised Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. Citigroup raised their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, June 25th. Wall Street Zen upgraded Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $76.36.
Insiders Place Their Bets
In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $70.61, for a total transaction of $42,366.00. Following the completion of the sale, the director directly owned 39,800 shares in the company, valued at approximately $2,810,278. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 12,100 shares of company stock worth $849,312. 3.96% of the stock is currently owned by insiders.
Prosperity Bancshares Stock Performance
Shares of PB stock opened at $72.63 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The business’s fifty day simple moving average is $70.98 and its 200-day simple moving average is $70.16. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.33 billion, a PE ratio of 13.16, a PEG ratio of 1.17 and a beta of 0.63.
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, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter last year, the firm earned $1.37 EPS. The business’s quarterly revenue was up 19.9% on a year-over-year basis. Analysts expect that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.
Prosperity Bancshares Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.60 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is 43.48%.
Prosperity Bancshares 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.
Read More
- Five stocks we like better than Prosperity Bancshares
- Premium Retail’s Stress Test Is Separating Winners From Losers
- D-Wave Quantum or a Quantum ETF: Which Is the Better Bet?
- GE Vernova Just Sent a Mixed AI Signal to Investors
- Alphabet Crushed Earnings, But One Number Spooked the Market
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.
