SummitTX Capital L.P. Makes New Investment in Prosperity Bancshares, Inc. $PB

SummitTX Capital L.P. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 57,725 shares of the bank’s stock, valued at approximately $3,878,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC lifted its holdings in Prosperity Bancshares by 175.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after buying an additional 1,516,939 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Prosperity Bancshares by 910.4% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,311,051 shares of the bank’s stock valued at $90,607,000 after buying an additional 1,181,295 shares during the period. North Reef Capital Management LP raised its position in shares of Prosperity Bancshares by 149.0% during the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after acquiring an additional 662,877 shares during the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at $44,822,000. Finally, Norges Bank acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at $37,645,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.7%

NYSE PB opened at $72.62 on Tuesday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a 50-day simple moving average of $71.20 and a 200 day simple moving average of $70.20. 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 company has a market capitalization of $7.32 billion, a PE ratio of 13.16, a P/E/G ratio of 1.17 and a beta of 0.63.

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

Prosperity Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Weiss Ratings upgraded shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, July 1st. Wall Street Zen raised shares of Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. 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. Finally, Benchmark initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. Five 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 MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $76.36.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $69.62, for a total transaction of $41,772.00. Following the completion of the transaction, the director owned 40,800 shares in the company, valued at approximately $2,840,496. The trade was a 1.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders have sold 12,100 shares of company stock worth $849,312. 3.96% of the stock is owned by company insiders.

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.