Lido Advisors LLC Buys Shares of 68,141 Prosperity Bancshares, Inc. $PB

Key Points

• Lido Advisors initiated a new position in Prosperity Bancshares, buying 68,141 shares worth about $4.62 million in the first quarter, according to its SEC filing.
• Prosperity Bancshares reported better-than-expected quarterly results, with EPS of $1.50 versus estimates of $1.41 and revenue of $367.62 million, up 19.9% year over year.
• The bank also announced a quarterly dividend of $0.60 per share, equal to a $2.40 annualized payout and a 3.3% yield; analysts currently rate the stock a consensus Hold with an average price target of $76.36.

Lido Advisors LLC bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 68,141 shares of the bank's stock, valued at approximately $4,618,000. Lido Advisors LLC owned about 0.07% of Prosperity Bancshares as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Danske Bank A S acquired a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at $40,000. SouthState Bank Corp acquired a new position in Prosperity Bancshares during the fourth quarter worth $49,000. Osaic Holdings Inc. raised its holdings in Prosperity Bancshares by 34.9% during 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 in the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Prosperity Bancshares during the fourth quarter valued at about $55,000. Finally, Group One Trading LLC acquired a new stake in shares of Prosperity Bancshares in the fourth quarter worth about $66,000. 80.69% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $69.62, for a total transaction of $41,772.00. Following the completion of the transaction, the director directly owned 40,800 shares of the company's stock, valued at approximately $2,840,496. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 12,100 shares of company stock valued at $849,312. Corporate insiders own 3.96% of the company's stock.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $73.11 on Friday. The stock has a 50 day moving average of $71.11 and a two-hundred day moving average of $70.18. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The company has a market capitalization of $7.37 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.16 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released 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 business had revenue of $367.62 million for the quarter, compared to analysts' expectations of $358.60 million. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.Prosperity Bancshares's quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.37 earnings per share. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm 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 $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's payout ratio is 43.48%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PB. Wall Street Zen raised Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a report on Saturday, May 16th. Citigroup upped their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a "neutral" rating in a report on Thursday, June 25th. Benchmark assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating for the company. Piper Sandler upped their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, April 30th. Finally, Weiss Ratings raised Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, July 1st. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $76.36.

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.

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