North Reef Capital Management LP Buys 662,877 Shares of Prosperity Bancshares, Inc. $PB

North Reef Capital Management LP increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 149.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,107,877 shares of the bank’s stock after buying an additional 662,877 shares during the quarter. Prosperity Bancshares accounts for 2.6% of North Reef Capital Management LP’s portfolio, making the stock its 12th biggest holding. North Reef Capital Management LP owned approximately 1.10% of Prosperity Bancshares worth $74,427,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. Danske Bank A S acquired a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $40,000. SouthState Bank Corp acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $49,000. Osaic Holdings Inc. increased its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in shares of Prosperity Bancshares during the fourth quarter valued at approximately $55,000. Finally, Group One Trading LLC bought a new stake in shares of Prosperity Bancshares during the fourth quarter valued at approximately $66,000. 80.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PB has been the subject of several research reports. Weiss Ratings raised Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. TD Cowen boosted their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st. Benchmark started coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating on the stock. Citigroup increased their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $76.36.

Prosperity Bancshares Trading Up 0.6%

PB stock opened at $73.11 on Friday. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. 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 business’s 50 day moving average is $71.11 and its 200-day moving average is $70.18. The firm has a market cap of $7.37 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.17 and a beta of 0.63.

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

Prosperity Bancshares Dividend Announcement

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

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total transaction of $41,772.00. Following the completion of the transaction, the director directly owned 40,800 shares of the company’s stock, valued at approximately $2,840,496. This trade represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 12,100 shares of company stock worth $849,312 in the last three months. Corporate insiders own 3.96% of the company’s stock.

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.