AXQ Capital LP Purchases Shares of 12,379 Prosperity Bancshares, Inc. $PB

AXQ Capital LP acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 12,379 shares of the bank’s stock, valued at approximately $821,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mather Group LLC. bought a new stake in Prosperity Bancshares in the 3rd quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Prosperity Bancshares during the 3rd quarter valued at $42,000. Employees Retirement System of Texas purchased a new position in Prosperity Bancshares in the 2nd quarter worth $48,000. Osaic Holdings Inc. lifted its stake in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Finally, Cornerstone Planning Group LLC boosted its position in Prosperity Bancshares by 18,633.3% during the third quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock valued at $75,000 after buying an additional 1,118 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Harrison Stafford II sold 800 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $70.76, for a total transaction of $56,608.00. Following the transaction, the director owned 107,937 shares in the company, valued at $7,637,622.12. This represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $69.28, for a total transaction of $41,568.00. Following the completion of the sale, the director directly owned 43,000 shares of the company’s stock, valued at approximately $2,979,040. This trade represents a 1.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,050 shares of company stock valued at $1,073,264 over the last three months. Insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on PB shares. Stephens lifted their price target on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Piper Sandler lowered shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $77.00 to $74.00 in a report on Thursday, January 29th. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Finally, Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $78.77.

Prosperity Bancshares Trading Down 4.2%

Shares of PB opened at $70.42 on Tuesday. The company has a market cap of $6.69 billion, a price-to-earnings ratio of 12.29, a P/E/G ratio of 1.03 and a beta of 0.67. The business’s fifty day simple moving average is $71.82 and its two-hundred day simple moving average is $68.74. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.92.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. During the same period in the prior year, the company posted $1.37 earnings per share. The company’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be paid a $0.60 dividend. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s payout ratio is currently 41.88%.

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.