Prosperity Bancshares, Inc. $PB Stock Holdings Lowered by Bokf Na

Bokf Na lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 34.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,239 shares of the bank’s stock after selling 6,961 shares during the period. Bokf Na’s holdings in Prosperity Bancshares were worth $877,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Prosperity Bancshares in the 2nd quarter valued at $350,099,000. Algebris UK Ltd. bought a new stake in Prosperity Bancshares in the 2nd quarter valued at $59,465,000. Bank of New York Mellon Corp bought a new stake in Prosperity Bancshares in the 2nd quarter valued at $57,877,000. Finally, North Reef Capital Management LP boosted its stake in Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock worth $74,427,000 after purchasing an additional 662,877 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Prosperity Bancshares

Here are the key news stories impacting Prosperity Bancshares this week:

• Positive Sentiment: Strong Q3 results support the growth outlook. Prosperity Bancshares reported quarterly EPS of $1.67, exceeding the $1.35 consensus estimate, while revenue of $495.7 million also topped expectations. Revenue increased 56% year over year, and management highlighted approximately 41% asset growth. The results have raised expectations for margin-driven growth. Prosperity Bancshares Q3 Earnings Lift Hopes For Margin Driven Growth
• Positive Sentiment: StoneX upgraded PB to Buy. The upgrade indicates that the analyst sees sufficient upside in the bank’s earnings, balance-sheet expansion, or valuation following the quarterly report. Prosperity Bancshares trades higher as StoneX upgrades to Buy
• Positive Sentiment: Analysts raised their targets. Royal Bank of Canada increased its target from $77 to $79, while Citigroup lifted its target from $77 to $78. Although both firms retained relatively cautious “sector perform” or “neutral” ratings, the higher targets imply additional potential upside from the referenced share price. Royal Bank of Canada recommendations Citigroup recommendations
• Neutral Sentiment: Piper Sandler lowered its target but maintained a neutral rating. The target moved from $80 to $78, signaling more restrained expectations even though the revised target remains above the referenced trading level. Piper Sandler recommendations
• Neutral Sentiment: Late-trading European quotation provided little new fundamental information. PB was quoted at EUR 64.75 in late trading, but the item did not identify a new company development or catalyst. Prosperity Bancshares stock quoted at EUR 64.75 in late trading
• Negative Sentiment: A director sold a combined 1,100 shares. Ned Holmes sold shares worth approximately $77,000 in two transactions. The sales were small relative to his remaining holdings, but insider selling can create a minor overhang for sentiment. SEC insider ownership filing

Prosperity Bancshares Stock Down 0.8%

Prosperity Bancshares stock opened at $71.98 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 1-year low of $63.20 and a 1-year high of $77.20. The company has a fifty day simple moving average of $69.52 and a 200 day simple moving average of $70.35. The company has a market cap of $7.26 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 0.80 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 28th. The bank reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.32. Prosperity Bancshares had a return on equity of 7.68% and a net margin of 26.99%. The firm had revenue of $495.70 million for the quarter, compared to analyst estimates of $491.49 million. During the same quarter in the previous year, the firm earned $1.45 EPS. The business’s quarterly revenue was up 56.0% on a year-over-year basis. Research analysts anticipate that Prosperity Bancshares, Inc. will post 6.46 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.6%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Tuesday, December 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 43.64%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citigroup increased their target price on Prosperity Bancshares from $77.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday. Stephens boosted their price target on Prosperity Bancshares from $85.00 to $87.00 and gave the company an “overweight” rating in a report on Thursday. TD Cowen upped their price objective on Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Barclays increased their price objective on Prosperity Bancshares from $68.00 to $70.00 and gave the stock an “underweight” rating in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $78.36.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $74.61, for a total value of $44,766.00. Following the transaction, the director directly owned 39,400 shares in the company, valued at $2,939,634. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 13,800 shares of company stock worth $973,234 over the last three months. Insiders own 3.96% of the company’s stock.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.