Sequoia Financial Advisors LLC Increases Stock Position in Prosperity Bancshares, Inc. $PB

Sequoia Financial Advisors LLC lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 64.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 20,109 shares of the bank’s stock after buying an additional 7,857 shares during the period. Sequoia Financial Advisors LLC’s holdings in Prosperity Bancshares were worth $1,390,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. AQR Capital Management LLC raised its position in shares of Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after purchasing an additional 1,516,939 shares during the last quarter. American Century Companies Inc. raised its holdings in Prosperity Bancshares by 48.7% in the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after acquiring an additional 695,114 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Prosperity Bancshares by 4.8% during the 3rd quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock worth $671,256,000 after buying an additional 465,227 shares during the last quarter. State Street Corp increased its holdings in shares of Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after buying an additional 343,062 shares during the last quarter. Finally, Algebris UK Ltd. increased its holdings in shares of Prosperity Bancshares by 128.5% during the 3rd quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock worth $35,253,000 after buying an additional 299,064 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $70.21, for a total transaction of $35,105.00. Following the completion of the sale, the director directly owned 78,115 shares in the company, valued at approximately $5,484,454.15. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 12,100 shares of company stock worth $828,344 in the last ninety days. Company insiders own 3.96% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $67.79 on Wednesday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.75. The firm has a market capitalization of $6.88 billion, a PE ratio of 12.28, a P/E/G ratio of 1.05 and a beta of 0.65. The company’s 50 day simple moving average is $67.87 and its 200 day simple moving average is $69.32.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The business had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same quarter last year, the business earned $1.37 earnings per share. The business’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.24 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.48%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research reports. Barclays cut shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Hovde Group upped their price objective on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Piper Sandler increased their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Weiss Ratings cut shares of Prosperity Bancshares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday. Finally, Janney Montgomery Scott lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $77.50.

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.