Empowered Funds LLC Invests $2.60 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Empowered Funds LLC initiated a $2.60 million position in Prosperity Bancshares during the second quarter, purchasing 35,532 shares. Institutional investors collectively own 80.69% of the company.
• Analysts maintain a generally neutral outlook, with a consensus “Hold” rating and an average price target of $78.36. Recent targets from Piper Sandler and RBC rose to $80, while Morgan Stanley maintained an equal-weight rating.
• Prosperity Bancshares exceeded quarterly earnings expectations, reporting $1.62 EPS and $391.25 million in revenue, up 25.9% year over year. The company also declared a quarterly dividend of $0.60 per share, representing a 3.3% annualized yield.

Empowered Funds LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 35,532 shares of the bank's stock, valued at approximately $2,595,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Gator Capital Management LLC bought a new stake in Prosperity Bancshares during the 4th quarter worth approximately $2,051,000. Bull Harbor Capital LLC bought a new position in Prosperity Bancshares in the 1st quarter valued at $1,019,000. First National Bank of Omaha acquired a new position in Prosperity Bancshares in the fourth quarter worth $6,390,000. SummitTX Capital L.P. acquired a new position in Prosperity Bancshares in the first quarter worth $3,878,000. Finally, Lido Advisors LLC bought a new stake in shares of Prosperity Bancshares during the first quarter worth $4,618,000. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PB. Piper Sandler lifted their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, July 30th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a research note on Monday, July 6th. Royal Bank Of Canada upped their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings raised shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $78.36.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the sale, the director directly owned 39,100 shares of the company's stock, valued at $2,861,338. The trade was a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 11,000 shares of company stock worth $802,722. 3.96% of the stock is owned by insiders.

Prosperity Bancshares Trading Up 2.1%

Shares of PB opened at $72.18 on Thursday. The stock's fifty day simple moving average is $73.12 and its 200-day simple moving average is $70.44. The firm has a market capitalization of $7.28 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 0.77 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. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.12. The firm had revenue of $391.25 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The company's revenue was up 25.9% on a year-over-year basis. During the same period last year, the company earned $1.42 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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

About Prosperity Bancshares

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source