Angel Oak Capital Advisors LLC Acquires New Stake in Prosperity Bancshares, Inc. (NYSE:PB)

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 purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 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 portfolio, making the stock its 23rd biggest holding.

A number of other institutional investors have also recently added to or reduced their stakes in PB. Quarry LP purchased a new stake in Prosperity Bancshares during the fourth quarter worth about $88,000. Fifth Third Bancorp increased its stake in Prosperity Bancshares by 44.9% during the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares during the period. Chilton Capital Management LLC purchased a new stake in Prosperity Bancshares during the first quarter worth about $105,000. PNC Financial Services Group Inc. increased its stake in Prosperity Bancshares by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after purchasing an additional 249 shares during the period. Finally, New England Research & Management Inc. purchased a new stake in Prosperity Bancshares during the first quarter worth about $212,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

NYSE:PB traded up $0.82 during trading hours on Wednesday, hitting $68.03. The company's stock had a trading volume of 276,734 shares, compared to its average volume of 675,016. The business's 50-day moving average is $69.83 and its two-hundred day moving average is $71.18. The company has a market capitalization of $6.46 billion, a PE ratio of 12.37, a PEG ratio of 0.98 and a beta of 0.71. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-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, beating 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 business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same quarter last year, the business posted $1.22 earnings per share. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PB. Hovde Group lowered their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Keefe, Bruyette & Woods lowered their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Jefferies Financial Group began coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Royal Bank Of Canada lowered their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus target price of $84.57.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total value of $42,534.00. Following the completion of the transaction, the director owned 45,700 shares in the company, valued at $3,239,673. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 13,200 shares of company stock valued at $927,623 in the last three months. Company insiders own 4.20% of the company's stock.

About Prosperity Bancshares

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.