Allworth Financial LP Buys 1,206 Shares of Prosperity Bancshares, Inc. $PB

Allworth Financial LP lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 920.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,337 shares of the bank’s stock after acquiring an additional 1,206 shares during the period. Allworth Financial LP’s holdings in Prosperity Bancshares were worth $94,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PB. Steph & Co. bought a new position in shares of Prosperity Bancshares in the second quarter worth about $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Prosperity Bancshares during the 1st quarter valued at approximately $48,000. IFP Advisors Inc grew its stake in shares of Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after buying an additional 901 shares in the last quarter. Parallel Advisors LLC grew its position in Prosperity Bancshares by 16.8% in the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after acquiring an additional 141 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock worth $69,000 after purchasing an additional 249 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 0.4%

Shares of NYSE:PB opened at $66.00 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $86.75. The business has a fifty day moving average of $65.46 and a two-hundred day moving average of $68.24. The stock has a market cap of $6.27 billion, a P/E ratio of 11.76, a PEG ratio of 0.97 and a beta of 0.75.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. The business had revenue of $314.67 million for the quarter, compared to analyst estimates of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.34 EPS. On average, equities analysts anticipate 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. Investors of record on Monday, December 15th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s payout ratio is presently 42.78%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $69.82, for a total transaction of $41,892.00. Following the completion of the transaction, the director owned 44,300 shares in the company, valued at approximately $3,093,026. The trade was a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 14,300 shares of company stock worth $948,416 over the last three months. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PB shares. Stephens increased their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. TD Cowen upped their target price on Prosperity Bancshares from $79.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research report on Friday, October 31st. Citigroup restated a “neutral” rating and set a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Finally, Piper Sandler cut their price target on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $80.21.

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.