Sanctuary Advisors LLC Acquires New Stake in Prosperity Bancshares, Inc. $PB

Key Points

• Sanctuary Advisors initiated a position in Prosperity Bancshares, purchasing 46,207 shares worth approximately $3.38 million. Institutional investors collectively own 80.69% of the bank’s 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, below analyst expectations.
• The company declared a quarterly dividend of $0.60 per share, equivalent to $2.40 annually and a 3.3% yield. Analysts maintain a consensus “Hold” rating with an average price target of $78.36.

Sanctuary Advisors LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 46,207 shares of the bank's stock, valued at approximately $3,375,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Danske Bank A S bought a new stake in Prosperity Bancshares in the third quarter valued at approximately $40,000. SouthState Bank Corp bought a new stake in shares of Prosperity Bancshares in the 4th quarter valued at $49,000. Osaic Holdings Inc. increased its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after buying an additional 186 shares during the period. Global Retirement Partners LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $54,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in Prosperity Bancshares during the fourth quarter worth $55,000. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $72.56 on Wednesday. The company has a market cap of $7.32 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 0.79 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, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The business has a 50 day moving average price of $73.06 and a 200-day moving average price of $70.55.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. During the same period in the prior year, the firm posted $1.42 EPS. Prosperity Bancshares's quarterly revenue was up 25.9% compared to the same quarter last year. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 41.59%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. TD Cowen increased their price target on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Weiss Ratings upgraded shares of Prosperity Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, July 29th. Benchmark initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, June 24th. They issued a "hold" rating for the company. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Five 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. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $78.36.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $67.69, for a total transaction of $40,614.00. Following the sale, the director directly owned 40,300 shares in the company, valued at approximately $2,727,907. This trade represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 11,000 shares of company stock valued at $796,683 over the last three months. Corporate insiders own 3.96% of the company's stock.

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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