Port Capital LLC Makes New $33.67 Million Investment in Prosperity Bancshares, Inc. $PB

Port Capital LLC acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 461,055 shares of the bank’s stock, valued at approximately $33,671,000. Prosperity Bancshares accounts for about 1.4% of Port Capital LLC’s portfolio, making the stock its 27th largest holding. Port Capital LLC owned about 0.46% of Prosperity Bancshares as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Danske Bank A S bought a new stake in Prosperity Bancshares during the third quarter valued at about $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares during the 4th quarter valued at about $49,000. Osaic Holdings Inc. lifted its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $54,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $55,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $73.11 on Thursday. The stock has a 50 day moving average of $73.11 and a 200 day moving average of $70.55. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The firm has a market cap of $7.37 billion, a PE ratio of 12.67, a PEG ratio of 0.79 and a beta of 0.64. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $369.18 million for the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company’s revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.42 EPS. On average, research analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $73.18, for a total value of $43,908.00. Following the completion of the transaction, the director owned 39,100 shares in the company, valued at approximately $2,861,338. This trade represents a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 12,100 shares of company stock valued at $877,186. Insiders own 3.96% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PB. Morgan Stanley restated an “equal weight” rating and set a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Royal Bank Of Canada upped their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Finally, Citigroup increased their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.36.

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.