Gator Capital Management LLC Purchases New Stake in Prosperity Bancshares, Inc. $PB

Gator Capital Management LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund purchased 29,681 shares of the bank’s stock, valued at approximately $2,051,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Prosperity Bancshares by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after buying an additional 140,035 shares during the last quarter. State Street Corp boosted its holdings in 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 acquiring an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Prosperity Bancshares by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,784,022 shares of the bank’s stock worth $317,416,000 after acquiring an additional 28,994 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Prosperity Bancshares by 43.6% during the 3rd quarter. AQR Capital Management LLC now owns 3,421,408 shares of the bank’s stock worth $226,531,000 after acquiring an additional 1,038,246 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Prosperity Bancshares by 48.7% during the 3rd quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock worth $140,797,000 after acquiring an additional 695,114 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $72.64 on Friday. The company’s 50-day moving average is $68.95 and its 200 day moving average is $69.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $7.33 billion, a P/E ratio of 13.16, a price-to-earnings-growth ratio of 1.10 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.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results 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. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm’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. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, June 15th. Prosperity Bancshares’s payout ratio is 43.48%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PB. Wall Street Zen raised shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Cantor Fitzgerald lifted their price objective on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. TD Cowen lifted their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Piper Sandler lifted 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, April 30th. Finally, Morgan Stanley cut their price objective on shares of Prosperity Bancshares from $91.00 to $83.00 and set an “overweight” rating on the stock in a report on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and a consensus price target of $76.82.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $64.29, for a total value of $38,574.00. Following the transaction, the director directly owned 41,400 shares of the company’s stock, valued at approximately $2,661,606. The trade was a 1.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 14,300 shares of company stock valued at $978,402. 3.96% of the stock is currently owned by insiders.

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.