Focus Partners Advisor Solutions LLC Acquires New Position in Prosperity Bancshares, Inc. $PB

Focus Partners Advisor Solutions LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 13,703 shares of the bank’s stock, valued at approximately $1,001,000.

Several other hedge funds and other institutional investors also recently modified their holdings of PB. Sepio Capital LP grew its stake in Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after buying an additional 133 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Prosperity Bancshares by 1.0% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after purchasing an additional 145 shares in the last quarter. Osaic Holdings Inc. boosted its stake in 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 purchasing an additional 186 shares during the period. Earned Wealth Advisors LLC increased its position in shares of Prosperity Bancshares by 6.2% during the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after buying an additional 213 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Prosperity Bancshares by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after buying an additional 228 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $68.78, for a total transaction of $41,268.00. Following the completion of the transaction, the director owned 40,500 shares in the company, valued at $2,785,590. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 12,100 shares of company stock worth $867,559 over the last 90 days. 3.96% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on PB shares. Benchmark assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They set a “hold” rating on the stock. Piper Sandler lifted their price objective on Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Citigroup lifted their price objective on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Finally, Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus price target of $78.36.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $75.02 on Monday. The company has a market capitalization of $7.57 billion, a P/E ratio of 13.00, a PEG ratio of 0.82 and a beta of 0.64. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a 50 day moving average price of $72.76 and a two-hundred day moving average price of $70.39.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $369.18 million for the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.42 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post 6.45 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

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.