Prosperity Bancshares, Inc. $PB Shares Purchased by Inscription Capital LLC

Inscription Capital LLC lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 43.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 34,581 shares of the bank’s stock after purchasing an additional 10,514 shares during the period. Inscription Capital LLC’s holdings in Prosperity Bancshares were worth $2,290,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Prosperity Bancshares in the second quarter worth $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Prosperity Bancshares in the 2nd quarter worth $350,099,000. Algebris UK Ltd. bought a new stake in Prosperity Bancshares in the 2nd quarter worth $59,465,000. Bank of New York Mellon Corp bought a new stake in Prosperity Bancshares in the 2nd quarter worth $57,877,000. Finally, North Reef Capital Management LP increased its position in shares of Prosperity Bancshares by 149.0% in the first quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after acquiring an additional 662,877 shares during the period. Institutional investors own 80.69% of the company’s stock.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned Holmes sold 600 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $74.14, for a total value of $44,484.00. Following the completion of the transaction, the director directly owned 39,300 shares of the company’s stock, valued at $2,913,702. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 13,345 shares of company stock valued at $938,944 over the last ninety days. 3.96% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Prosperity Bancshares from $80.00 to $81.00 and gave the company an “underweight” rating in a research note on Monday, September 28th. Weiss Ratings cut Prosperity Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Piper Sandler reduced their price target on Prosperity Bancshares from $80.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday, October 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating on shares of Prosperity Bancshares in a research report on Thursday, October 29th. Finally, Stonex Financial upgraded Prosperity Bancshares from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $72.05 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $69.55 and its 200 day simple moving average is $70.37. The stock has a market cap of $7.27 billion, a P/E ratio of 13.10, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64. Prosperity Bancshares, Inc. has a twelve month low of $63.20 and a twelve month high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 28th. The bank reported $1.67 EPS for the quarter, topping the consensus estimate of $1.35 by $0.32. Prosperity Bancshares had a net margin of 26.99% and a return on equity of 7.68%. The business had revenue of $495.70 million during the quarter, compared to analyst estimates of $491.49 million. During the same period in the prior year, the business earned $1.45 EPS. The company’s revenue for the quarter was up 56.0% on a year-over-year basis. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Investors of record on Tuesday, December 15th will be given a dividend of $0.64 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.60. This represents a $2.56 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, December 15th. Prosperity Bancshares’s dividend payout ratio is presently 46.55%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a regional bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides banking and financial services to individuals, businesses, and public entities.

Prosperity Bank offers deposit products, commercial and consumer lending, mortgage and real estate lending, treasury management, online and mobile banking, and other traditional banking services. Its lending activities include financing for commercial businesses, agriculture, residential and commercial real estate, and personal needs.

Founded in 1983, Prosperity Bancshares has expanded primarily through organic growth and the acquisition of community banks.