Cwm LLC Buys 12,302 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Cwm LLC increased its stake in Prosperity Bancshares by 72.0%, acquiring an additional 12,302 shares in the second quarter, bringing its total ownership to 29,384 shares valued at approximately $2,064,000.
• Several other institutional investors have also raised their positions in Prosperity Bancshares, with 80.69% of the company's stock now owned by institutional investors.
• Prosperity Bancshares reported $1.42 EPS for the last quarter, exceeding analysts' expectations, while the stock has a consensus rating of "Moderate Buy" with an average target price of $82.27.

Cwm LLC lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 72.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,384 shares of the bank's stock after acquiring an additional 12,302 shares during the quarter. Cwm LLC's holdings in Prosperity Bancshares were worth $2,064,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in shares of Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after purchasing an additional 141 shares during the last quarter. U.S. Capital Wealth Advisors LLC lifted its position in shares of Prosperity Bancshares by 4.9% during the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock worth $237,000 after purchasing an additional 156 shares during the last quarter. Tectonic Advisors LLC lifted its position in shares of Prosperity Bancshares by 2.0% during the 1st quarter. Tectonic Advisors LLC now owns 8,319 shares of the bank's stock worth $594,000 after purchasing an additional 165 shares during the last quarter. Quarry LP lifted its position in shares of Prosperity Bancshares by 16.7% during the 1st quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after purchasing an additional 195 shares during the last quarter. Finally, State of Michigan Retirement System lifted its position in shares of Prosperity Bancshares by 0.9% during the 1st quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock worth $1,627,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $70.21, for a total value of $42,126.00. Following the completion of the transaction, the director directly owned 44,800 shares of the company's stock, valued at approximately $3,145,408. This represents a 1.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 14,300 shares of company stock valued at $960,266. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Up 2.2%

Shares of PB opened at $63.28 on Monday. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $86.75. The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 0.94 and a beta of 0.73. The stock's 50-day moving average price is $66.79 and its 200 day moving average price is $68.40.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) 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 business had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same period in the prior year, the firm posted $1.22 EPS. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Wall Street Analysts Forecast Growth

PB has been the subject of several research analyst reports. Raymond James Financial set a $75.00 price objective on Prosperity Bancshares in a research report on Tuesday, October 7th. Royal Bank Of Canada cut their price objective on Prosperity Bancshares from $78.00 to $72.00 and set a "sector perform" rating for the company in a research report on Friday, October 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Prosperity Bancshares in a research report on Wednesday, October 8th. Hovde Group lowered their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Finally, Cantor Fitzgerald began coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They set an "overweight" rating and a $78.00 price target on the stock. Twelve investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average target price of $82.27.

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.

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