Pallas Capital Advisors LLC Purchases New Holdings in Prosperity Bancshares, Inc. $PB

Key Points

• Pallas Capital Advisors LLC acquired 6,242 shares of Prosperity Bancshares, Inc., valued at approximately $438,000, signaling growing institutional interest in the bank.
• Prosperity Bancshares recently reported $1.42 earnings per share (EPS), beating analyst expectations, and announced a quarterly dividend of $0.58, which offers a yield of 3.5%.
• The stock currently holds an average rating of "Moderate Buy" from research analysts, with various price target adjustments reflecting mixed market sentiment.

Pallas Capital Advisors LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,242 shares of the bank's stock, valued at approximately $438,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PB. Cetera Investment Advisers increased its holdings in Prosperity Bancshares by 5.9% during the 4th quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after purchasing an additional 427 shares in the last quarter. Deutsche Bank AG increased 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. Lazard Asset Management LLC acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $270,000. Man Group plc acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $628,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $1,473,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

NYSE PB traded down $0.11 during trading on Tuesday, reaching $65.40. 256,450 shares of the company's stock were exchanged, compared to its average volume of 736,331. The business has a 50 day moving average price of $68.13 and a 200-day moving average price of $69.13. The stock has a market capitalization of $6.21 billion, a P/E ratio of 11.89, a PEG ratio of 0.99 and a beta of 0.74. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The firm had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. During the same quarter in the previous year, the business earned $1.22 earnings per share. On average, analysts forecast 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 Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's payout ratio is 42.18%.

Wall Street Analysts Forecast Growth

PB has been the subject of several research reports. Citigroup reissued a "neutral" rating and issued a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 target price for the company. Hovde Group lowered their target price on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Piper Sandler lowered their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.40.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $65.84, for a total value of $32,920.00. Following the completion of the sale, the director directly owned 92,915 shares in the company, valued at approximately $6,117,523.60. The trade was a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 15,400 shares of company stock valued at $1,067,419 in the last three months. Insiders own 4.20% of the company's stock.

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.