Algebris UK Ltd. Raises Position in Prosperity Bancshares, Inc. $PB

Algebris UK Ltd. grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 67.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 892,489 shares of the bank’s stock after purchasing an additional 360,758 shares during the period. Prosperity Bancshares makes up about 2.9% of Algebris UK Ltd.’s portfolio, making the stock its 2nd biggest position. Algebris UK Ltd.’s holdings in Prosperity Bancshares were worth $61,709,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Community Bank N.A. bought a new position in Prosperity Bancshares in the third quarter valued at about $29,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the third quarter worth about $40,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $42,000. Osaic Holdings Inc. boosted its stake in shares of Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. Finally, True Wealth Design LLC boosted its stake in shares of Prosperity Bancshares by 179.6% in the 4th quarter. True Wealth Design LLC now owns 945 shares of the bank’s stock valued at $65,000 after purchasing an additional 607 shares in the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PB. Piper Sandler raised their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Cantor Fitzgerald raised their price target on shares of Prosperity Bancshares from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Citigroup raised their price target on shares of Prosperity Bancshares from $72.00 to $74.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Finally, Hovde Group raised their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Five investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $76.82.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $66.60, for a total transaction of $33,300.00. Following the sale, the director owned 77,615 shares in the company, valued at $5,169,159. The trade was a 0.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 13,200 shares of company stock worth $901,592. Insiders own 3.96% of the company’s stock.

Prosperity Bancshares Trading Up 1.6%

Shares of PB stock opened at $69.01 on Thursday. The firm has a market capitalization of $6.96 billion, a P/E ratio of 12.50, a P/E/G ratio of 1.04 and a beta of 0.65. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The stock’s fifty day simple moving average is $67.63 and its 200 day simple moving average is $69.47.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data 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 business had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.Prosperity Bancshares’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 EPS. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.24 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a dividend of $0.60 per share. The ex-dividend date is Monday, June 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares’s payout ratio is currently 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.