Focus Partners Advisor Solutions LLC Invests $1 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Focus Partners Advisor Solutions purchased 13,703 shares of Prosperity Bancshares valued at approximately $1.0 million, while institutional investors collectively own 80.69% of the stock.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $369.18 million but fell short of expectations.
• The company declared a quarterly dividend of $0.60 per share, equal to $2.40 annually and a 3.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $78.36.

Focus Partners Advisor Solutions LLC purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 13,703 shares of the bank's stock, valued at approximately $1,001,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PB. Vanguard Group Inc. raised its position in shares of Prosperity Bancshares by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank's stock worth $708,856,000 after acquiring an additional 140,035 shares in the last quarter. State Street Corp boosted its stake in Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank's stock worth $373,231,000 after acquiring an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank's stock worth $331,142,000 after purchasing an additional 205,291 shares during the period. AQR Capital Management LLC increased its stake in Prosperity Bancshares by 34.5% in the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank's stock valued at $317,955,000 after purchasing an additional 1,179,307 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Prosperity Bancshares by 0.4% during the fourth quarter. Morgan Stanley now owns 3,679,871 shares of the bank's stock valued at $254,316,000 after purchasing an additional 15,192 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 0.0%

Shares of NYSE:PB opened at $75.02 on Monday. The business's 50 day moving average is $72.76 and its 200 day moving average is $70.39. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The stock has a market cap of $7.57 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 0.82 and a beta of 0.64. 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 issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. The business had revenue of $369.18 million for the quarter, compared to analysts' expectations of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business's revenue was up 25.9% on a year-over-year basis. During the same period last year, the business earned $1.42 EPS. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 6.45 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio is 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $68.78, for a total transaction of $41,268.00. Following the completion of the sale, the director owned 40,500 shares in the company, valued at approximately $2,785,590. This trade represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 12,100 shares of company stock valued at $867,559. 3.96% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research analyst reports. Royal Bank Of Canada boosted their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Benchmark initiated coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating on the stock. TD Cowen increased their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Piper Sandler lifted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a "neutral" rating in a research 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's stock. Based on data from MarketBeat, Prosperity Bancshares presently has a consensus rating of "Hold" and an average 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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