Savvy Advisors Inc. Makes New $4.52 Million Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Key Points

• Savvy Advisors Inc. has acquired 63,271 shares of Prosperity Bancshares, valued at approximately $4.5 million, increasing its ownership to 0.07% as of its latest SEC filing.
• The company announced a quarterly dividend of $0.58 per share, payable on October 1st, with a dividend yield of 3.5% and a payout ratio of 42.18%.
• Prosperity Bancshares reported a quarterly EPS of $1.42, surpassing expectations, with analysts forecasting a 2023 EPS of 5.83 for the company.

Savvy Advisors Inc. acquired a new stake in shares of 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 firm acquired 63,271 shares of the bank's stock, valued at approximately $4,516,000. Savvy Advisors Inc. owned about 0.07% of Prosperity Bancshares at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Prosperity Bancshares during the fourth quarter valued at $88,000. Fifth Third Bancorp raised its holdings in Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares in the last quarter. Chilton Capital Management LLC purchased a new position in Prosperity Bancshares during the 1st quarter valued at about $105,000. Quadrant Capital Group LLC increased its position in Prosperity Bancshares by 28.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,603 shares of the bank's stock valued at $121,000 after buying an additional 355 shares in the last quarter. Finally, New England Research & Management Inc. purchased a new position in shares of Prosperity Bancshares in the 1st quarter worth about $212,000. 80.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PB. Hovde Group dropped their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research note on Thursday, July 24th. Royal Bank Of Canada decreased their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Piper Sandler decreased their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $84.57.

Prosperity Bancshares Trading Up 1.8%

PB traded up $1.21 during midday trading on Tuesday, hitting $66.91. The company's stock had a trading volume of 378,472 shares, compared to its average volume of 672,906. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The firm has a 50-day moving average price of $69.88 and a two-hundred day moving average price of $71.21. The firm has a market cap of $6.36 billion, a P/E ratio of 12.17, a PEG ratio of 0.99 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The firm had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same quarter last year, the firm posted $1.22 earnings per share. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $70.89, for a total transaction of $42,534.00. Following the sale, the director owned 45,700 shares in the company, valued at $3,239,673. This represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders sold 13,700 shares of company stock valued at $963,968. Corporate insiders own 4.20% of the company's stock.

About Prosperity Bancshares

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.