Caxton Associates LLP Acquires New Shares in Prosperity Bancshares, Inc. $PB

Key Points

• Caxton Associates LLP acquired 4,772 shares of Prosperity Bancshares, Inc., valued at approximately $341,000, during the first quarter.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, representing a yield of 3.4%, to be paid on October 1st to investors of record.
• A number of analysts assigned ratings for Prosperity Bancshares, with a consensus price target of $83.75 and the stock holding an average rating of "Moderate Buy."

Caxton Associates LLP acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,772 shares of the bank's stock, valued at approximately $341,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. U.S. Capital Wealth Advisors LLC raised its holdings in shares of Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after acquiring an additional 156 shares during the last quarter. Tectonic Advisors LLC raised its holdings in shares of Prosperity Bancshares by 2.0% in the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after acquiring an additional 165 shares during the last quarter. Quarry LP raised its holdings in shares of Prosperity Bancshares by 16.7% in the 1st quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after acquiring an additional 195 shares during the last quarter. State of Michigan Retirement System raised its holdings in shares of Prosperity Bancshares by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock worth $1,627,000 after acquiring an additional 200 shares during the last quarter. Finally, Forum Financial Management LP raised its holdings in shares of Prosperity Bancshares by 6.2% in the 1st quarter. Forum Financial Management LP now owns 3,407 shares of the bank's stock worth $243,000 after acquiring an additional 200 shares during the last quarter. Institutional investors 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, June 25th. The stock was sold at an average price of $69.09, for a total transaction of $41,454.00. Following the completion of the transaction, the director directly owned 45,200 shares of the company's stock, valued at approximately $3,122,868. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 15,400 shares of company stock worth $1,067,419 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PB has been the topic of a number of analyst reports. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Citigroup reiterated a "neutral" rating and issued a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 price objective for the company. Piper Sandler decreased their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Hovde Group decreased their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average price target of $83.13.

Prosperity Bancshares Stock Performance

NYSE PB traded up $1.25 on Thursday, hitting $67.07. 1,300,336 shares of the stock traded hands, compared to its average volume of 1,041,000. The business's fifty day moving average is $68.46 and its two-hundred day moving average is $69.29. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 0.99 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The business had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. During the same period in the prior year, the company earned $1.22 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is 42.18%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.