Oxbow Advisors LLC Buys New Shares in Prosperity Bancshares, Inc. $PB

Key Points

• Oxbow Advisors LLC opened a new position in Prosperity Bancshares during Q1, buying 301,825 shares worth about $20.3 million. The stake represents roughly 1.7% of Oxbow’s portfolio and 0.30% of Prosperity Bancshares.
• Analysts are mostly cautious on the stock: the consensus rating is Hold with an average price target of $76.82. Recent updates included higher targets from Citigroup, Morgan Stanley, Piper Sandler and TD Cowen, plus a rating upgrade from Weiss Ratings.
• Prosperity Bancshares reported better-than-expected Q1 earnings of $1.50 per share on revenue of $367.6 million, and it recently paid a quarterly dividend of $0.60 per share for a 3.4% annualized yield. Insider activity was mixed, with director Ned S. Holmes selling 500 shares and insiders selling 14,300 shares over the last 90 days.

Oxbow Advisors LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 301,825 shares of the bank's stock, valued at approximately $20,277,000. Prosperity Bancshares comprises approximately 1.7% of Oxbow Advisors LLC's holdings, making the stock its 9th largest position. Oxbow Advisors LLC owned 0.30% of Prosperity Bancshares as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. Gator Capital Management LLC bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at about $2,051,000. First National Bank of Omaha acquired a new stake in Prosperity Bancshares in the 4th quarter valued at about $6,390,000. Wealth Enhancement Advisory Services LLC grew its holdings in Prosperity Bancshares by 81.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 59,752 shares of the bank's stock worth $4,246,000 after purchasing an additional 26,774 shares during the period. Stieven Capital Advisors L.P. bought a new position in Prosperity Bancshares during the third quarter worth about $7,893,000. Finally, Entropy Technologies LP acquired a new position in Prosperity Bancshares during the third quarter worth approximately $4,535,000. 80.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PB has been the topic of several research analyst reports. Citigroup upped their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, June 25th. Weiss Ratings raised Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday. Morgan Stanley increased their price target on Prosperity Bancshares from $83.00 to $85.00 and gave the company an "overweight" rating in a research note on Monday. Piper Sandler raised their price target on Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, April 30th. Finally, TD Cowen lifted their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $76.82.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $73.56, for a total value of $36,780.00. Following the completion of the sale, the director directly owned 74,115 shares in the company, valued at $5,451,899.40. The trade was a 0.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 14,300 shares of company stock valued at $999,976. Insiders own 3.96% of the company's stock.

Prosperity Bancshares Stock Down 0.0%

Prosperity Bancshares stock opened at $70.90 on Friday. The company's 50-day moving average price is $69.96 and its two-hundred day moving average price is $70.00. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.15 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.09 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.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The company had revenue of $367.62 million during the quarter, compared to analysts' expectations of $358.60 million. During the same quarter in the previous year, the company posted $1.37 earnings per share. The business's revenue was up 19.9% on a year-over-year basis. As a group, analysts expect that Prosperity Bancshares, Inc. will post 6.27 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, June 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 43.48%.

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.

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.