Sei Investments Co. Has $10.61 Million Stake in Prosperity Bancshares, Inc. $PB

Sei Investments Co. grew its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 21.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,954 shares of the bank’s stock after purchasing an additional 28,429 shares during the period. Sei Investments Co.’s holdings in Prosperity Bancshares were worth $10,611,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PB. Gator Capital Management LLC bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at about $2,051,000. First National Bank of Omaha bought a new position in Prosperity Bancshares during the fourth quarter valued at about $6,390,000. Tudor Investment Corp ET AL bought a new position in Prosperity Bancshares during the third quarter valued at about $4,882,000. BW Gestao de Investimentos Ltda. acquired a new position in Prosperity Bancshares in the 4th quarter valued at approximately $12,085,000. Finally, Algebris UK Ltd. raised its holdings in Prosperity Bancshares by 67.8% in the 4th quarter. Algebris UK Ltd. now owns 892,489 shares of the bank’s stock valued at $61,709,000 after acquiring an additional 360,758 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PB. Piper Sandler raised their price objective on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday. TD Cowen boosted their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Citigroup raised their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $78.36.

Prosperity Bancshares News Roundup

Here are the key news stories impacting Prosperity Bancshares this week:

• Positive Sentiment: Strong Q2 earnings and revenue growth: Prosperity Bancshares reported adjusted earnings of $1.62 per share, exceeding the $1.51 consensus estimate, while revenue rose 25.9% year over year to $391.26 million. Results benefited from contributions from the Stellar Bancorp acquisition and the absence of a credit-loss provision. PB’s Q2 Earnings Beat Estimates as Revenues Rise, Stellar Deal Closed
• Positive Sentiment: Merger upside highlighted: Management’s earnings call emphasized the potential benefits of completing the Stellar Bancorp buyout, including increased scale and revenue contributions. Investors may view the integration as a source of additional earnings growth. Prosperity Bancshares Earnings Call Highlights Merger Upside
• Positive Sentiment: Price targets raised: Royal Bank of Canada increased its target from $78 to $80, while Piper Sandler raised its target from $75 to $80. Both targets indicate approximately 7% potential upside from the referenced trading level, although neither firm assigned a bullish rating.
• Neutral Sentiment: Dividend appeal: A recent analysis points to Prosperity Bancshares’ potential as a dividend stock, which could attract income-focused investors, though the article does not identify a new dividend increase or policy change. This is Why Prosperity Bancshares Is a Great Dividend Stock
• Negative Sentiment: Insider selling: Director Ned S. Holmes sold a combined 1,100 shares worth roughly $81,700. The sales reduced his holdings by less than 2.2% overall, making the signal relatively minor but modestly negative.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $70.24, for a total value of $42,144.00. Following the sale, the director owned 40,700 shares of the company’s stock, valued at $2,858,768. The trade was a 1.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 12,100 shares of company stock worth $854,426. 3.96% of the stock is owned by company insiders.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $74.79 on Friday. The firm has a market capitalization of $7.54 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.18 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The firm has a 50-day moving average price of $71.65 and a 200 day moving average price of $70.28.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. During the same period in the previous year, the business earned $1.42 earnings per share. The company’s quarterly revenue was up 25.9% on a year-over-year basis. Research analysts anticipate that Prosperity Bancshares, Inc. will post 6.37 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

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.