Corient Private Wealth LP Purchases New Stake in Prosperity Bancshares, Inc. $PB

Corient Private Wealth LP acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 25,333 shares of the bank's stock, valued at approximately $1,856,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Azora Capital LP purchased a new stake in Prosperity Bancshares in the 2nd quarter valued at $29,120,000. Bank of America Corp DE purchased a new position in shares of Prosperity Bancshares during the 2nd quarter worth $35,197,000. Port Capital LLC acquired a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $33,671,000. Man Group plc acquired a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $4,281,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Prosperity Bancshares in the second quarter valued at about $3,306,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Activity at Prosperity Bancshares

In related news, Director Ned Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $71.39, for a total transaction of $42,834.00. Following the completion of the transaction, the director owned 40,200 shares of the company's stock, valued at approximately $2,869,878. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have sold 12,100 shares of company stock valued at $881,656. Corporate insiders own 3.96% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PB. TD Cowen raised their price objective on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Benchmark assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating for the company. Morgan Stanley restated an "equal weight" rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Finally, Weiss Ratings raised shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of "Hold" and a consensus target price of $78.36.

Prosperity Bancshares Stock Up 0.4%

Shares of NYSE:PB opened at $72.37 on Friday. The business has a 50-day moving average price of $73.10 and a 200 day moving average price of $70.43. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $7.30 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.79 and a beta of 0.63. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to analysts' expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. Prosperity Bancshares's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.42 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's payout ratio is 41.59%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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