Savant Capital LLC Buys 1,050 Shares of Prosperity Bancshares, Inc. $PB

Savant Capital LLC boosted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 17.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,180 shares of the bank’s stock after purchasing an additional 1,050 shares during the period. Savant Capital LLC’s holdings in Prosperity Bancshares were worth $504,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC increased its stake in shares of 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 buying an additional 141 shares during the period. First Horizon Advisors Inc. boosted its position in Prosperity Bancshares by 19.3% during the 2nd 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. Quarry LP grew its holdings in Prosperity Bancshares by 16.7% in the 1st quarter. Quarry LP now owns 1,366 shares of the bank’s stock worth $97,000 after acquiring an additional 195 shares during the last quarter. Forum Financial Management LP increased its position in shares of Prosperity Bancshares by 6.2% in the first quarter. Forum Financial Management LP now owns 3,407 shares of the bank’s stock valued at $243,000 after acquiring an additional 200 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Prosperity Bancshares by 9.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock valued at $212,000 after acquiring an additional 249 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citigroup reiterated a “neutral” rating and set a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a report on Monday, September 15th. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research report on Wednesday, September 10th. They set an “overweight” rating and a $78.00 price target for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Piper Sandler cut their price objective on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a research report on Thursday, October 30th. Finally, Cowen restated a “buy” rating on shares of Prosperity Bancshares in a report on Friday, October 31st. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $67.36, for a total value of $40,416.00. Following the sale, the director directly owned 44,400 shares of the company’s stock, valued at $2,990,784. The trade was a 1.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 14,300 shares of company stock worth $950,368 in the last ninety days. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Down 0.2%

Shares of Prosperity Bancshares stock opened at $66.78 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $86.75. The firm has a market capitalization of $6.34 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.97 and a beta of 0.75. The business has a fifty day simple moving average of $65.60 and a two-hundred day simple moving average of $68.32.

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

Prosperity Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.60 per share. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.58. 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. Prosperity Bancshares’s payout ratio is 42.78%.

Prosperity Bancshares 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.