Sequoia Financial Advisors LLC Has $676,000 Stock Position in Prosperity Bancshares, Inc. $PB

Sequoia Financial Advisors LLC reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 49.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,066 shares of the bank’s stock after selling 10,043 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Prosperity Bancshares were worth $676,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its position in shares of Prosperity Bancshares by 9.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 20,732 shares of the bank’s stock worth $1,393,000 after buying an additional 1,800 shares during the period. Jackson Thornton Wealth Management LLC lifted its holdings in Prosperity Bancshares by 21.4% in the first quarter. Jackson Thornton Wealth Management LLC now owns 5,202 shares of the bank’s stock valued at $358,000 after buying an additional 918 shares during the period. Oxbow Advisors LLC bought a new position in Prosperity Bancshares in the first quarter valued at approximately $20,277,000. HB Wealth Management LLC boosted its stake in Prosperity Bancshares by 53.6% in the first quarter. HB Wealth Management LLC now owns 11,568 shares of the bank’s stock valued at $777,000 after acquiring an additional 4,035 shares during the last quarter. Finally, Root Financial Partners LLC grew its holdings in Prosperity Bancshares by 310.6% during the 1st quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock worth $78,000 after acquiring an additional 879 shares during the period. Institutional investors own 80.69% of the company’s stock.

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, July 8th. The shares were sold at an average price of $70.61, for a total value of $42,366.00. Following the sale, the director directly owned 39,800 shares of the company’s stock, valued at approximately $2,810,278. The trade was a 1.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have sold 13,200 shares of company stock worth $926,152 in the last quarter. Company insiders own 3.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Citigroup increased their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Benchmark initiated coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Piper Sandler raised their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Finally, TD Cowen boosted their target price on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Five analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given 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 target price of $76.36.

Prosperity Bancshares Trading Down 0.0%

PB opened at $73.48 on Monday. The firm’s fifty day moving average is $70.53 and its two-hundred day moving average is $70.07. The firm has a market cap of $7.41 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.18 and a beta of 0.63. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The business had revenue of $367.62 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned $1.37 EPS. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, June 15th. Prosperity Bancshares’s dividend 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.