Bayforest Capital Ltd Has $57,000 Stake in Prosperity Bancshares, Inc. $PB

Bayforest Capital Ltd lowered its position in Prosperity Bancshares, Inc. (NYSE:PB) by 29.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 802 shares of the bank’s stock after selling 331 shares during the quarter. Bayforest Capital Ltd’s holdings in Prosperity Bancshares were worth $57,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Prosperity Bancshares by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after acquiring an additional 17,345 shares during the last quarter. Dean Capital Management lifted its stake in Prosperity Bancshares by 2.4% in the first quarter. Dean Capital Management now owns 29,778 shares of the bank’s stock valued at $2,125,000 after acquiring an additional 697 shares during the last quarter. United Services Automobile Association acquired a new stake in Prosperity Bancshares in the first quarter valued at $444,000. Caxton Associates LLP acquired a new stake in Prosperity Bancshares in the first quarter valued at $341,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Prosperity Bancshares in the first quarter valued at $461,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE PB opened at $67.79 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The stock has a market cap of $6.44 billion, a PE ratio of 12.33, a P/E/G ratio of 1.01 and a beta of 0.74. The firm has a 50-day moving average of $69.12 and a 200-day moving average of $69.53.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same period last year, the firm earned $1.22 earnings per share. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $67.71, for a total transaction of $40,626.00. Following the transaction, the director directly owned 45,300 shares of the company’s stock, valued at approximately $3,067,263. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 15,400 shares of company stock worth $1,069,500 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PB. Citigroup increased their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Piper Sandler cut their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research note on Thursday, July 24th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 target price for the company. Hovde Group cut their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Thursday, July 24th. Finally, Cantor Fitzgerald assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday. They set an “overweight” rating and a $78.00 target price for the company. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $83.75.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.