West Family Investments Inc. Acquires New Holdings in Prosperity Bancshares, Inc. $PB

West Family Investments Inc. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,168 shares of the bank’s stock, valued at approximately $523,000.

Several other large investors have also modified their holdings of PB. Gator Capital Management LLC acquired a new stake in Prosperity Bancshares during the 4th quarter valued at $2,051,000. Bull Harbor Capital LLC purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at $1,019,000. First National Bank of Omaha purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $6,390,000. SummitTX Capital L.P. acquired a new stake in shares of Prosperity Bancshares during the first quarter valued at $3,878,000. Finally, BW Gestao de Investimentos Ltda. purchased a new stake in Prosperity Bancshares during the 4th quarter worth about $12,085,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $72.94 on Thursday. The firm has a market capitalization of $7.36 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64. The stock’s 50 day moving average price is $72.98 and its 200 day moving average price is $70.49. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. The business had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The business’s revenue was up 25.9% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. As a group, sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.45 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

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

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $73.64, for a total transaction of $36,820.00. Following the transaction, the director owned 70,615 shares of the company’s stock, valued at approximately $5,200,088.60. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 12,100 shares of company stock valued at $872,923. Corporate insiders own 3.96% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PB shares. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Benchmark assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Finally, Citigroup lifted their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $78.36.

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.