Prosperity Bancshares, Inc. $PB Shares Newly Acquired by Segment Wealth Management LLC

Segment Wealth Management LLC acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the third quarter, HoldingsChannel.com reports. The fund acquired 30,423 shares of the bank’s stock, valued at approximately $2,014,000.

Other large investors have also recently modified their holdings of the company. Parkside Financial Bank & Trust boosted its holdings in Prosperity Bancshares by 52.0% in the second quarter. Parkside Financial Bank & Trust now owns 576 shares of the bank’s stock worth $42,000 after acquiring an additional 197 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $54,000. Root Financial Partners LLC increased its holdings in shares of Prosperity Bancshares by 310.6% during the first quarter. Root Financial Partners LLC now owns 1,162 shares of the bank’s stock valued at $78,000 after acquiring an additional 879 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Prosperity Bancshares by 15.9% during the third quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank’s stock valued at $124,000 after acquiring an additional 256 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 33.8% during the second quarter. GAMMA Investing LLC now owns 1,990 shares of the bank’s stock valued at $145,000 after acquiring an additional 503 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of a number of recent analyst reports. Cantor Fitzgerald cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. Morgan Stanley raised their price target on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the stock an “underweight” rating in a report on Monday, September 28th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings lowered shares of Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Six investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $77.55.

Insiders Place Their Bets

In other news, Director Ned Holmes sold 600 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $74.26, for a total transaction of $44,556.00. Following the sale, the director directly owned 39,500 shares of the company’s stock, valued at $2,933,270. This represents a 1.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 13,800 shares of company stock valued at $977,902 over the last three months. 3.96% of the stock is currently owned by insiders.

Prosperity Bancshares Stock Up 0.4%

Shares of PB stock opened at $69.78 on Tuesday. The stock has a 50 day moving average of $69.72 and a 200 day moving average of $70.36. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.04 billion, a P/E ratio of 12.09, a P/E/G ratio of 0.77 and a beta of 0.66. Prosperity Bancshares, Inc. has a twelve month low of $62.58 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%. Prosperity Bancshares’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.46 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.60. This represents a $2.56 dividend on an annualized basis and a yield of 3.7%. Prosperity Bancshares’s dividend payout ratio is presently 41.59%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.