ORG Wealth Partners LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,500 shares of the bank's stock, valued at approximately $389,000.
Several other hedge funds have also recently modified their holdings of the stock. Avantax Advisory Services Inc. raised its holdings in Prosperity Bancshares by 45.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock valued at $549,000 after acquiring an additional 2,263 shares during the last quarter. Cetera Investment Advisers raised its holdings in Prosperity Bancshares by 5.9% in the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after acquiring an additional 427 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Prosperity Bancshares by 8,212.4% in the 1st quarter. GAMMA Investing LLC now owns 70,157 shares of the bank's stock valued at $5,007,000 after buying an additional 69,313 shares during the period. Deutsche Bank AG grew its stake in shares of Prosperity Bancshares by 10.6% in the 4th quarter. Deutsche Bank AG now owns 6,194 shares of the bank's stock valued at $467,000 after buying an additional 592 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of Prosperity Bancshares by 20.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 3,784 shares of the bank's stock valued at $285,000 after buying an additional 632 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.
Prosperity Bancshares Price Performance
Shares of NYSE PB opened at $67.64 on Thursday. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 0.84 and a beta of 0.68. The business has a 50-day moving average of $69.03 and a two-hundred day moving average of $73.31. Prosperity Bancshares, Inc. has a 1 year low of $58.44 and a 1 year high of $86.76.
Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 27.69% and a return on equity of 6.81%. The firm had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. During the same period in the previous year, the company earned $1.18 earnings per share. Prosperity Bancshares's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.
Prosperity Bancshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.43%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on PB shares. Keefe, Bruyette & Woods dropped their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Hovde Group lowered their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Barclays lowered their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $83.80.
Read Our Latest Stock Report on Prosperity Bancshares
Insider Activity at Prosperity Bancshares
In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $70.87, for a total value of $35,435.00. Following the transaction, the director now directly owns 103,315 shares in the company, valued at approximately $7,321,934.05. The trade was a 0.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 8,400 shares of company stock valued at $582,026 over the last ninety days. Insiders own 4.20% of the company's stock.
About Prosperity Bancshares
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Free Report)
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.
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