Jefferies Financial Group Inc. Acquires Shares of 24,434 Prosperity Bancshares, Inc. $PB

Jefferies Financial Group Inc. acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 24,434 shares of the bank’s stock, valued at approximately $1,784,000.

Several other hedge funds have also recently modified their holdings of PB. Danske Bank A S bought a new position in shares of Prosperity Bancshares during the third quarter worth $40,000. SouthState Bank Corp bought a new stake in Prosperity Bancshares in the 4th quarter valued at $49,000. Osaic Holdings Inc. lifted its stake in Prosperity Bancshares by 34.9% in the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $54,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $55,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

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, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the transaction, the director directly owned 39,100 shares of the company’s stock, valued at $2,861,338. The trade was a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 12,100 shares of company stock valued at $877,186 in the last ninety days. 3.96% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup raised their price objective on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Royal Bank Of Canada raised their price target on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. TD Cowen lifted their price objective on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Piper Sandler upped their price objective on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 price objective (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Five 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Stock Down 0.5%

Shares of NYSE:PB opened at $72.35 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a 50-day moving average price of $73.16 and a 200 day moving average price of $70.55. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.79 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. During the same quarter last year, the business posted $1.42 earnings per share. The firm’s revenue was up 25.9% on a year-over-year basis. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared 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. 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 presently 41.59%.

Prosperity Bancshares 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.