JCSD Capital LLC Acquires Shares of 10,000 Prosperity Bancshares, Inc. $PB

JCSD Capital LLC bought a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,000 shares of the bank’s stock, valued at approximately $702,000. Prosperity Bancshares makes up approximately 0.9% of JCSD Capital LLC’s holdings, making the stock its 15th biggest holding.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AE Wealth Management LLC boosted its stake in Prosperity Bancshares by 3.8% during the second quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after buying an additional 172 shares during the period. Savant Capital LLC lifted its stake in Prosperity Bancshares by 17.1% in the second quarter. Savant Capital LLC now owns 7,180 shares of the bank’s stock worth $504,000 after purchasing an additional 1,050 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Prosperity Bancshares by 19.3% during the second quarter. First Horizon Advisors Inc. now owns 1,191 shares of the bank’s stock valued at $84,000 after buying an additional 193 shares during the period. Bryce Point Capital LLC bought a new position in shares of Prosperity Bancshares during the second quarter valued at approximately $832,000. Finally, Cambiar Investors LLC raised its holdings in shares of Prosperity Bancshares by 453.9% in the second quarter. Cambiar Investors LLC now owns 143,207 shares of the bank’s stock worth $10,059,000 after buying an additional 117,355 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Up 2.0%

Shares of NYSE:PB opened at $67.50 on Friday. The company has a market capitalization of $6.41 billion, a PE ratio of 12.03, a P/E/G ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $86.75. The business’s fifty day simple moving average is $65.78 and its 200-day simple moving average is $68.34.

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

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend 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 42.78%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $66.83, for a total transaction of $33,415.00. Following the transaction, the director owned 89,415 shares in the company, valued at approximately $5,975,604.45. This represents a 0.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 14,300 shares of company stock worth $951,046. 4.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Hovde Group cut their price objective on Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research report on Thursday, October 30th. Citigroup restated a “neutral” rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Friday, October 31st. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $77.00 target price (up from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $80.50.

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.