19,650 Shares of Prosperity Bancshares, Inc. $PB Bought by Beaumont Asset Management L.L.C.

Key Points

• Beaumont Asset Management acquired 19,650 shares of Prosperity Bancshares in the third quarter, valued at approximately $1.3 million. Institutional investors and hedge funds collectively own 80.69% of the bank’s stock.
• Analyst sentiment is mixed, with six Buy, six Hold, and two Sell ratings; the average price target is $77.55, compared with the stock’s reported price of $67.80.
• Prosperity Bancshares exceeded quarterly earnings and revenue estimates, reporting $1.62 in EPS and $391.25 million in revenue. The company also pays a quarterly dividend of $0.60 per share, representing a 3.5% yield.

Beaumont Asset Management L.L.C. acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,650 shares of the bank's stock, valued at approximately $1,301,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Prosperity Bancshares during the 2nd quarter worth $350,099,000. Dimensional Fund Advisors LP grew its holdings in shares of 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 purchasing an additional 205,291 shares during the period. North Reef Capital Management LP increased its position in shares of Prosperity Bancshares by 149.0% during the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank's stock worth $74,427,000 after purchasing an additional 662,877 shares during the last quarter. Finally, Algebris UK Ltd. acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth about $59,465,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PB shares. Royal Bank Of Canada dropped their price target on shares of Prosperity Bancshares from $80.00 to $77.00 and set a "sector perform" rating for the company in a research report on Friday, October 9th. Benchmark began coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating on the stock. Cantor Fitzgerald decreased their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set an "overweight" rating on the stock in a report on Wednesday. Raymond James Financial raised shares of Prosperity Bancshares from a "market perform" rating to an "outperform" rating and set a $78.00 price objective for the company in a research report on Tuesday, October 6th. Finally, TD Cowen dropped their target price on shares of Prosperity Bancshares from $84.00 to $78.00 and set a "buy" rating for the company in a report on Monday, October 5th. Six investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $77.55.

Prosperity Bancshares Stock Up 0.5%

PB opened at $67.80 on Friday. Prosperity Bancshares, Inc. has a one year low of $61.62 and a one year high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market capitalization of $6.84 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 0.75 and a beta of 0.66. The business's 50-day simple moving average is $70.34 and its 200-day simple moving average is $70.47.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. During the same quarter in the prior year, the firm earned $1.42 EPS. Prosperity Bancshares's revenue for the quarter was up 25.9% on a year-over-year basis. Analysts anticipate that Prosperity Bancshares, Inc. will post 6.46 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.5%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 41.59%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned Holmes sold 600 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $74.26, for a total value of $44,556.00. Following the transaction, the director directly owned 39,500 shares of the company's stock, valued at approximately $2,933,270. The trade was a 1.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 12,700 shares of company stock valued at $902,833. Company insiders own 3.96% of the company's stock.

Prosperity Bancshares Company Profile

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

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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