Jefferies Financial Group Inc. Buys Shares of 24,434 Prosperity Bancshares, Inc. $PB

Jefferies Financial Group Inc. purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 24,434 shares of the bank’s stock, valued at approximately $1,784,000.

A number of other large investors have also recently made changes to their positions in PB. Vanguard Group Inc. boosted its holdings in Prosperity Bancshares by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after purchasing an additional 140,035 shares during the last quarter. BlackRock Inc. purchased a new stake in Prosperity Bancshares during the 2nd quarter valued at $746,776,000. State Street Corp raised its stake in Prosperity Bancshares by 6.6% during the 3rd quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after buying an additional 343,062 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock valued at $331,142,000 after buying an additional 205,291 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $350,099,000. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Morgan Stanley reaffirmed an “equal weight” rating and issued a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Benchmark began coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating on the stock. Citigroup boosted their price target on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Finally, TD Cowen increased their price objective on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $78.36.

Prosperity Bancshares Trading Down 0.5%

Prosperity Bancshares stock opened at $72.35 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 0.79 and a beta of 0.64. The firm has a 50 day moving average of $73.16 and a 200 day moving average of $70.55. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. The business 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 company’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company 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 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 41.59%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $67.69, for a total value of $40,614.00. Following the completion of the sale, the director owned 40,300 shares in the company, valued at approximately $2,727,907. This represents a 1.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 12,100 shares of company stock valued at $877,186. Corporate insiders own 3.96% of the company’s stock.

Prosperity Bancshares Company 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.