North Reef Capital Management LP Purchases 662,877 Shares of Prosperity Bancshares, Inc. $PB

North Reef Capital Management LP raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 149.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,107,877 shares of the bank’s stock after buying an additional 662,877 shares during the period. Prosperity Bancshares comprises 2.6% of North Reef Capital Management LP’s portfolio, making the stock its 12th biggest position. North Reef Capital Management LP’s holdings in Prosperity Bancshares were worth $74,427,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Danske Bank A S acquired a new position in shares of Prosperity Bancshares in the 3rd quarter worth approximately $40,000. SouthState Bank Corp bought a new stake in Prosperity Bancshares during the 4th quarter worth approximately $49,000. Osaic Holdings Inc. grew its position in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $55,000. Finally, Group One Trading LLC acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $66,000. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PB. TD Cowen lifted their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, May 1st. Benchmark began coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Piper Sandler raised their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Citigroup lifted their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $76.36.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction of $42,366.00. Following the transaction, the director owned 39,800 shares of the company’s stock, valued at $2,810,278. This represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 12,100 shares of company stock worth $849,312 in the last ninety days. Insiders own 3.96% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $73.11 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market cap of $7.37 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.17 and a beta of 0.63. The firm has a 50 day simple moving average of $71.11 and a 200 day simple moving average of $70.18. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (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 the consensus estimate of $358.60 million. During the same quarter in the prior year, the business earned $1.37 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s payout ratio is presently 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.