45,220 Shares in Prosperity Bancshares, Inc. $PB Purchased by Jupiter Topco LLC

Jupiter Topco LLC bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 45,220 shares of the bank’s stock, valued at approximately $3,306,000.

Several other hedge funds also recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth about $2,816,000. Palisade Capital Management LP acquired a new stake in Prosperity Bancshares during the second quarter worth approximately $15,904,000. Legal & General Group Plc acquired a new stake in Prosperity Bancshares during the second quarter worth approximately $10,665,000. The Manufacturers Life Insurance Company purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $5,152,000. Finally, Sanctuary Advisors LLC purchased a new stake in Prosperity Bancshares in the 2nd quarter worth approximately $3,375,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the sale, the director directly owned 39,100 shares in the company, valued at $2,861,338. This represents a 1.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 11,000 shares of company stock worth $802,722 in the last ninety days. Corporate insiders own 3.96% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $70.70 on Wednesday. The company has a market cap of $7.13 billion, a P/E ratio of 12.25, a P/E/G ratio of 0.78 and a beta of 0.63. The firm’s 50 day moving average is $73.13 and its two-hundred day moving average is $70.45. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 EPS. Analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is 41.59%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PB shares. Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Citigroup lifted their price objective on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Royal Bank Of Canada upped their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Piper Sandler increased their target price on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Prosperity Bancshares currently has an average rating of “Hold” and an average target price of $78.36.

About Prosperity Bancshares

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.