10,000 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Acquired by Angel Oak Capital Advisors LLC

Key Points

• Angel Oak Capital Advisors LLC has invested $714,000 in Prosperity Bancshares, acquiring 10,000 shares, which now represent approximately 1.0% of their investment portfolio.
• Prosperity Bancshares recently reported earnings of $1.42 per share, exceeding analyst expectations, with a return on equity of 6.99% and a net margin of 29.37%.
• The company announced a quarterly dividend of $0.58 per share, set to be paid on October 1st, with an annualized dividend yield of 3.5%.

Angel Oak Capital Advisors LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,000 shares of the bank's stock, valued at approximately $714,000. Prosperity Bancshares accounts for approximately 1.0% of Angel Oak Capital Advisors LLC's holdings, making the stock its 23rd biggest position.

A number of other hedge funds have also made changes to their positions in PB. Wealth Enhancement Advisory Services LLC raised its position in shares of Prosperity Bancshares by 8.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock valued at $525,000 after purchasing an additional 561 shares during the period. Principal Financial Group Inc. raised its position in shares of Prosperity Bancshares by 0.4% in the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock valued at $15,634,000 after purchasing an additional 855 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Prosperity Bancshares by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock valued at $4,156,000 after purchasing an additional 1,016 shares during the period. Teacher Retirement System of Texas raised its position in shares of Prosperity Bancshares by 23.1% in the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock valued at $1,557,000 after purchasing an additional 4,098 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Prosperity Bancshares by 5.9% in the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock valued at $578,000 after purchasing an additional 427 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $66.33, for a total value of $33,165.00. Following the completion of the sale, the director directly owned 95,915 shares of the company's stock, valued at $6,362,041.95. This represents a 0.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 13,700 shares of company stock valued at $963,968. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB traded down $0.34 on Monday, hitting $65.73. The stock had a trading volume of 796,222 shares, compared to its average volume of 857,723. The firm's 50 day moving average price is $69.88 and its 200-day moving average price is $71.21. The company has a market capitalization of $6.24 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 0.99 and a beta of 0.71. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the prior year, the company earned $1.22 EPS. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

PB has been the topic of a number of recent analyst reports. Hovde Group dropped their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Royal Bank Of Canada dropped their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Keefe, Bruyette & Woods dropped their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $84.57.

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.