FOCUS Wealth Advisors LLC Acquires New Position in Prosperity Bancshares, Inc. $PB

Key Points

• FOCUS Wealth Advisors acquired 66,742 shares of Prosperity Bancshares valued at approximately $4.4 million, representing 2.1% of its portfolio and 0.07% of the bank’s outstanding stock. Institutional investors collectively own 80.69% of the company.
• Analyst sentiment remains mixed, with six Buy, six Hold and two Sell ratings; the consensus rating is Hold with a target price of $77.55, versus a recent share price of $66.70.
• Prosperity Bancshares reported quarterly EPS of $1.62, beating estimates of $1.50, while revenue rose 25.9% year over year to $391.25 million. The company also maintains a $0.60 quarterly dividend, equivalent to a 3.6% annual yield.

FOCUS Wealth Advisors LLC acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 66,742 shares of the bank's stock, valued at approximately $4,419,000. Prosperity Bancshares comprises approximately 2.1% of FOCUS Wealth Advisors LLC's investment portfolio, making the stock its 16th biggest position. FOCUS Wealth Advisors LLC owned 0.07% of Prosperity Bancshares at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. WJ Interests LLC bought a new stake in Prosperity Bancshares during the 3rd quarter valued at $539,000. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 29.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,577 shares of the bank's stock worth $171,000 after acquiring an additional 587 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Prosperity Bancshares by 15.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,867 shares of the bank's stock worth $124,000 after acquiring an additional 256 shares during the last quarter. Kwmg LLC grew its holdings in Prosperity Bancshares by 3.1% in the 3rd quarter. Kwmg LLC now owns 104,332 shares of the bank's stock worth $6,908,000 after acquiring an additional 3,108 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Prosperity Bancshares by 51.3% in the third quarter. Versant Capital Management Inc now owns 16,520 shares of the bank's stock valued at $1,094,000 after acquiring an additional 5,599 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Insider Activity at Prosperity Bancshares

In other news, Director Ned Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, October 14th. The shares were sold at an average price of $66.22, for a total transaction of $33,110.00. Following the sale, the director owned 66,615 shares of the company's stock, valued at approximately $4,411,245.30. The trade was a 0.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 12,700 shares of company stock valued at $902,833. Company insiders own 3.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PB shares. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating for the company. Royal Bank Of Canada dropped their target price on shares of Prosperity Bancshares from $80.00 to $77.00 and set a "sector perform" rating for the company in a report on Friday, October 9th. Weiss Ratings raised Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday. Piper Sandler raised their target price on Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Citigroup reduced their price target on Prosperity Bancshares from $79.00 to $77.00 and set a "neutral" rating on the stock in a report on Tuesday, September 22nd. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $77.55.

Prosperity Bancshares Trading Up 0.6%

PB stock traded up $0.37 on Wednesday, reaching $66.70. The company's stock had a trading volume of 1,189,725 shares, compared to its average volume of 1,117,758. The firm has a market cap of $6.73 billion, a PE ratio of 11.56, a PEG ratio of 0.74 and a beta of 0.66. The business has a fifty day simple moving average of $70.75 and a two-hundred day simple moving average of $70.47. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75.

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, beating analysts' consensus estimates of $1.50 by $0.12. The business had revenue of $391.25 million for the quarter, compared to the consensus estimate of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company's quarterly revenue was up 25.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 EPS. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 6.46 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 41.59%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.

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