Transcend Capital Advisors LLC Invests $208,000 in Prosperity Bancshares, Inc. $PB

Transcend Capital Advisors LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 2,963 shares of the bank’s stock, valued at approximately $208,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Prosperity Bancshares by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank’s stock valued at $525,000 after buying an additional 561 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Prosperity Bancshares by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank’s stock valued at $15,634,000 after buying an additional 855 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after buying an additional 1,016 shares in the last quarter. Amundi bought a new stake in shares of Prosperity Bancshares during the 1st quarter valued at $4,060,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of Prosperity Bancshares by 23.1% during the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank’s stock valued at $1,557,000 after buying an additional 4,098 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $64.78 on Friday. The stock has a market capitalization of $6.15 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 0.97 and a beta of 0.73. The company has a 50-day simple moving average of $66.13 and a two-hundred day simple moving average of $68.30. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $86.75.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.45. The business had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.34 EPS. As a group, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.7%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Analysts Set New Price Targets

A number of analysts have recently commented on PB shares. Royal Bank Of Canada dropped their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a report on Friday, October 10th. Cantor Fitzgerald started coverage on shares of Prosperity Bancshares in a report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 target price on the stock. TD Cowen started coverage on shares of Prosperity Bancshares in a report on Thursday, September 25th. They set a “buy” rating and a $79.00 target price on the stock. Piper Sandler dropped their target price on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $77.00 price target (up previously from $75.00) on shares of Prosperity Bancshares in a research note on Thursday. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $66.34, for a total transaction of $39,804.00. Following the transaction, the director owned 44,600 shares in the company, valued at approximately $2,958,764. This represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have sold 13,200 shares of company stock worth $878,770. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.