6,242 Shares in Prosperity Bancshares, Inc. $PB Acquired by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,242 shares of the bank’s stock, valued at approximately $438,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Prosperity Bancshares during the first quarter worth approximately $48,000. Parallel Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after buying an additional 141 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock worth $91,000 after buying an additional 396 shares during the last quarter. Quarry LP lifted its holdings in shares of Prosperity Bancshares by 16.7% during the first quarter. Quarry LP now owns 1,366 shares of the bank’s stock worth $97,000 after buying an additional 195 shares during the last quarter. Finally, Chilton Capital Management LLC acquired a new position in shares of Prosperity Bancshares during the first quarter worth approximately $105,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $66.07 on Friday. The business’s 50 day simple moving average is $68.31 and its 200 day simple moving average is $69.21. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The firm has a market cap of $6.28 billion, a PE ratio of 12.01, a P/E/G ratio of 0.99 and a beta of 0.74.

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

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Analyst Upgrades and Downgrades

PB has been the subject of a number of recent research reports. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $78.00 target price for the company. Citigroup reiterated a “neutral” rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Piper Sandler lowered their price target on Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Finally, Hovde Group lowered their price target on Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, July 24th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $83.40.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $65.84, for a total value of $32,920.00. Following the sale, the director owned 92,915 shares of the company’s stock, valued at approximately $6,117,523.60. This trade represents a 0.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 15,400 shares of company stock valued at $1,067,419. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Company Profile

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.