Angel Oak Capital Advisors LLC Purchases 3,900 Shares of Prosperity Bancshares, Inc. $PB

Angel Oak Capital Advisors LLC boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 39.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,900 shares of the bank’s stock after buying an additional 3,900 shares during the period. Prosperity Bancshares comprises 1.4% of Angel Oak Capital Advisors LLC’s portfolio, making the stock its 20th largest holding. Angel Oak Capital Advisors LLC’s holdings in Prosperity Bancshares were worth $976,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PB. Envestnet Asset Management Inc. boosted its position in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank’s stock valued at $4,156,000 after acquiring an additional 1,016 shares in the last quarter. Xponance Inc. raised its position in Prosperity Bancshares by 1.9% in the first quarter. Xponance Inc. now owns 10,834 shares of the bank’s stock worth $773,000 after purchasing an additional 205 shares in the last quarter. CWM LLC raised its position in Prosperity Bancshares by 6.4% in the first quarter. CWM LLC now owns 17,082 shares of the bank’s stock worth $1,219,000 after purchasing an additional 1,032 shares in the last quarter. Dakota Wealth Management lifted its stake in Prosperity Bancshares by 25.5% during the first quarter. Dakota Wealth Management now owns 3,948 shares of the bank’s stock worth $282,000 after purchasing an additional 801 shares during the period. Finally, Forum Financial Management LP boosted its holdings in Prosperity Bancshares by 6.2% during the first quarter. Forum Financial Management LP now owns 3,407 shares of the bank’s stock valued at $243,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PB shares. Piper Sandler dropped their target price on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Barclays lowered their price target on Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Hovde Group dropped their price objective on Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday, October 30th. Raymond James Financial restated an “outperform” rating and issued a $77.00 target price (up previously from $75.00) on shares of Prosperity Bancshares in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada lowered their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating on the stock in a report on Friday, October 10th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $66.90 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $86.75. The firm has a market cap of $6.35 billion, a P/E ratio of 11.92, a P/E/G ratio of 0.97 and a beta of 0.75. The business’s fifty day moving average is $65.63 and its two-hundred day moving average is $68.33.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.45. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The business had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. During the same quarter in the prior year, the company earned $1.34 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a dividend of $0.60 per share. The ex-dividend date is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.78%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $67.28, for a total value of $33,640.00. Following the completion of the sale, the director owned 88,915 shares of the company’s stock, valued at $5,982,201.20. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 14,300 shares of company stock worth $950,368 over the last quarter. 4.20% of the stock is owned by corporate insiders.

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.