Entropy Technologies LP Invests $973,000 in Prosperity Bancshares, Inc. $PB

Key Points

• Entropy Technologies LP acquired 14,485 shares of Prosperity Bancshares in the first quarter, valued at approximately $973,000. Institutional investors and hedge funds collectively own 80.69% of the bank’s stock.
• Analysts maintain a consensus “Hold” rating with an average price target of $76.36, while recent targets range from $75 to $80. PB shares recently traded at $73.59.
• Prosperity Bancshares beat quarterly earnings expectations, reporting $1.50 EPS and $367.62 million in revenue, while revenue rose 19.9% year over year. The company also declared a quarterly dividend of $0.60 per share, representing a 3.3% annualized yield.

Entropy Technologies LP acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 14,485 shares of the bank's stock, valued at approximately $973,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Danske Bank A S acquired a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $40,000. SouthState Bank Corp bought a new position in Prosperity Bancshares in the fourth quarter valued at approximately $49,000. Osaic Holdings Inc. boosted its holdings in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after buying an additional 186 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Prosperity Bancshares in the fourth quarter valued at approximately $55,000. Finally, Group One Trading LLC bought a new stake in shares of Prosperity Bancshares during the fourth quarter worth $66,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PB shares. TD Cowen raised their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a "buy" rating in a report on Friday, May 1st. 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. Piper Sandler increased their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Weiss Ratings raised Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, July 1st. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. 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, the stock presently has an average rating of "Hold" and a consensus target price of $76.36.

Prosperity Bancshares Trading Up 1.4%

NYSE:PB opened at $73.59 on Wednesday. The company has a market cap of $7.42 billion, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 1.16 and a beta of 0.63. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The business has a 50 day moving average price of $71.32 and a two-hundred day moving average price of $70.22. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm's revenue was up 19.9% compared to the same quarter last year. During the same period last year, the company earned $1.37 earnings per share. As a group, analysts expect that Prosperity Bancshares, Inc. will post 6.25 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is 43.48%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $70.24, for a total value of $42,144.00. Following the sale, the director directly owned 40,700 shares in the company, valued at approximately $2,858,768. The trade was a 1.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 11,000 shares of company stock valued at $772,745 over the last ninety days. 3.96% of the stock is currently owned by company insiders.

Prosperity Bancshares Company 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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