Sanctuary Advisors LLC Takes Position in Prosperity Bancshares, Inc. $PB

Sanctuary Advisors LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 46,207 shares of the bank’s stock, valued at approximately $3,375,000.

Several other institutional investors have also added to or reduced their stakes in the business. Danske Bank A S purchased a new position in Prosperity Bancshares in the 3rd quarter valued at approximately $40,000. SouthState Bank Corp bought a new position in Prosperity Bancshares in the 4th quarter worth about $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 buying an additional 186 shares during the period. Global Retirement Partners LLC purchased a new position in Prosperity Bancshares during the second quarter valued at approximately $54,000. Finally, Eurizon Capital SGR S.p.A. bought a new stake in Prosperity Bancshares during the 4th quarter worth approximately $55,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $72.56 on Wednesday. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 0.79 and a beta of 0.64. The business has a 50 day moving average of $73.06 and a 200 day moving average of $70.55. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $369.18 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business’s quarterly revenue was up 25.9% on a year-over-year basis. During the same period last year, the business earned $1.42 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.59%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $67.69, for a total value of $40,614.00. Following the completion of the sale, the director directly owned 40,300 shares of the company’s stock, valued at $2,727,907. The trade was a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 11,000 shares of company stock valued at $796,683. 3.96% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on PB. Benchmark began coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. TD Cowen lifted their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada boosted their price target on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $78.36.

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.