Premier Fund Managers Ltd Reduces Position in Prosperity Bancshares, Inc. $PB

Premier Fund Managers Ltd lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 19.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 405,764 shares of the bank’s stock after selling 96,893 shares during the period. Prosperity Bancshares accounts for approximately 1.6% of Premier Fund Managers Ltd’s investment portfolio, making the stock its 25th biggest position. Premier Fund Managers Ltd’s holdings in Prosperity Bancshares were worth $28,370,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. Clearstead Advisors LLC grew its stake in shares of Prosperity Bancshares by 10.9% in the 3rd quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after buying an additional 159 shares during the period. Bfsg LLC grew its stake in shares of Prosperity Bancshares by 5.1% in the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock valued at $223,000 after buying an additional 164 shares during the period. Belpointe Asset Management LLC grew its stake in shares of Prosperity Bancshares by 5.1% in the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock valued at $240,000 after buying an additional 176 shares during the period. Osaic Holdings Inc. grew its stake in shares of Prosperity Bancshares by 34.9% in the 2nd 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. Finally, Ameritas Investment Partners Inc. grew its stake in shares of Prosperity Bancshares by 0.6% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 31,164 shares of the bank’s stock valued at $2,068,000 after buying an additional 188 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.16 on Thursday. The firm’s 50 day moving average price is $68.08 and its 200-day moving average price is $69.17. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.76. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The firm has a market cap of $7.12 billion, a P/E ratio of 12.71, a P/E/G ratio of 1.07 and a beta of 0.65.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million for the quarter, compared to analyst estimates of $358.60 million. During the same period in the prior year, the business posted $1.37 EPS. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 6.24 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, June 15th. Prosperity Bancshares’s dividend payout ratio is currently 43.48%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $76.07, for a total value of $45,642.00. Following the transaction, the director directly owned 41,900 shares in the company, valued at approximately $3,187,333. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 12,100 shares of company stock valued at $834,777. Corporate insiders own 3.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PB. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Weiss Ratings raised shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. Piper Sandler increased their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Hovde Group increased their price target on shares of Prosperity Bancshares from $75.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, January 29th. Finally, DA Davidson reissued a “neutral” rating and issued a $76.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $77.50.

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.