Empowered Funds LLC Has $2.31 Million Stake in Prosperity Bancshares, Inc. $PB

Key Points

• Empowered Funds LLC increased its Prosperity Bancshares stake by 152.9% in the first quarter, reaching 34,403 shares valued at approximately $2.31 million. Institutional investors collectively own 80.69% of the bank’s stock.
• Prosperity Bancshares reported quarterly EPS of $1.62, exceeding the $1.50 consensus estimate, while revenue rose 25.9% year over year to $391.25 million. The company declared a quarterly dividend of $0.60 per share, representing a 3.2% yield.
• Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating and an average price target of $78.36. Shares opened at $74.55, near their 12-month high of $77.20.

Empowered Funds LLC lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 152.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,403 shares of the bank's stock after buying an additional 20,797 shares during the period. Empowered Funds LLC's holdings in Prosperity Bancshares were worth $2,311,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PB. Danske Bank A S acquired a new stake in Prosperity Bancshares during the third quarter worth about $40,000. SouthState Bank Corp bought a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $49,000. Osaic Holdings Inc. boosted its position in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after acquiring an additional 186 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Prosperity Bancshares in the fourth quarter valued at approximately $55,000. Finally, Group One Trading LLC acquired a new position in Prosperity Bancshares during the fourth quarter valued at approximately $66,000. Institutional investors own 80.69% of the company's stock.

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $66.58, for a total value of $39,948.00. Following the transaction, the director owned 40,600 shares in the company, valued at approximately $2,703,148. The trade was a 1.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 12,100 shares of company stock worth $859,253. 3.96% of the stock is currently owned by company insiders.

Prosperity Bancshares Trading Down 0.5%

NYSE PB opened at $74.55 on Thursday. The business's 50-day moving average price is $71.99 and its two-hundred day moving average price is $70.33. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The firm has a market capitalization of $7.52 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 0.82 and a beta of 0.64. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. The company had revenue of $391.25 million during the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The firm's revenue was up 25.9% compared to the same quarter last year. During the same period last year, the company earned $1.42 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a yield of 3.2%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 41.59%.

Analyst Ratings Changes

A number of research firms have recently commented on PB. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Benchmark initiated coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a "hold" rating on the stock. Morgan Stanley reiterated an "equal weight" rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Citigroup boosted their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Finally, Piper Sandler increased their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $78.36.

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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