North Star Asset Management Inc. Takes Position in Prosperity Bancshares, Inc. $PB

North Star Asset Management Inc. purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 229,877 shares of the bank’s stock, valued at approximately $16,788,000.

Several other hedge funds also recently made changes to their positions in PB. Vanguard Group Inc. increased its holdings in shares of Prosperity Bancshares by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after buying an additional 140,035 shares in the last quarter. BlackRock Inc. acquired a new position in Prosperity Bancshares in the 2nd quarter worth approximately $746,776,000. State Street Corp boosted its position in shares of Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after buying an additional 343,062 shares during the period. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after acquiring an additional 205,291 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $350,099,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 12,100 shares of company stock valued at $877,186 in the last quarter. Corporate insiders own 3.96% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PB shares. Citigroup boosted their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. TD Cowen upped their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $72.72 on Friday. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a market capitalization of $7.33 billion, a P/E ratio of 12.60, a P/E/G ratio of 0.80 and a beta of 0.64. The stock has a 50 day moving average of $73.14 and a two-hundred day moving average of $70.53. 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, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $369.18 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.Prosperity Bancshares’s quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.42 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio is currently 41.59%.

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.