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

Sequoia Financial Advisors LLC trimmed its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 49.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 and other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after purchasing an additional 5,326 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after purchasing an additional 1,962 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Prosperity Bancshares by 5.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after buying an additional 17,345 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Prosperity Bancshares by 182.8% in the first quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after buying an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC bought a new stake in shares of Prosperity Bancshares in the second quarter valued at about $359,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PB. Morgan Stanley restated an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Citigroup lifted their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $76.36.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total value of $42,366.00. Following the completion of the sale, the director directly owned 39,800 shares in the company, valued at approximately $2,810,278. This trade represents a 1.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 13,200 shares of company stock worth $926,152 in the last quarter. 3.96% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Trading Down 0.0%

Shares of PB opened at $73.48 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.41 billion, a PE ratio of 13.31, a PEG ratio of 1.18 and a beta of 0.63. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The stock has a 50 day simple moving average of $70.53 and a 200-day simple moving average of $70.07.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same quarter in the previous year, the firm earned $1.37 EPS. Prosperity Bancshares’s quarterly revenue was up 19.9% on a year-over-year basis. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.25 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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