Prosperity Bancshares, Inc. $PB Shares Sold by Towle & Co.

Towle & Co. trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 20.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,459 shares of the bank’s stock after selling 11,628 shares during the quarter. Towle & Co.’s holdings in Prosperity Bancshares were worth $3,054,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Sepio Capital LP boosted its holdings in Prosperity Bancshares by 2.4% during the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after buying an additional 133 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in Prosperity Bancshares by 1.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after buying an additional 145 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after acquiring an additional 186 shares during the period. Earned Wealth Advisors LLC boosted its stake in shares of Prosperity Bancshares by 6.2% during the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock worth $244,000 after acquiring an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after acquiring an additional 228 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

PB opened at $72.63 on Friday. The firm’s fifty day simple moving average is $70.98 and its two-hundred day simple moving average is $70.16. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The company has a market cap of $7.33 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 1.17 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The business had revenue of $367.62 million during the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter in the previous year, the company earned $1.37 earnings per share. The company’s quarterly revenue was up 19.9% on a year-over-year basis. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is presently 43.48%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PB shares. Citigroup raised their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, June 25th. Piper Sandler upped their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Morgan Stanley reiterated an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Weiss Ratings raised Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, July 1st. Finally, Benchmark started coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Five investment 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. According to data from MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average target price of $76.36.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction 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. The trade was a 1.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders sold 12,100 shares of company stock worth $849,312. 3.96% of the stock is currently owned by insiders.

Prosperity Bancshares Company Profile

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.