Savvy Advisors Inc. Buys Shares of 63,271 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. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 63,271 shares of the bank's stock, valued at approximately $4,516,000. Savvy Advisors Inc. owned 0.07% of Prosperity Bancshares as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Prosperity Bancshares in the fourth quarter valued at approximately $88,000. Fifth Third Bancorp raised its position in Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after purchasing an additional 396 shares during the last quarter. Chilton Capital Management LLC bought a new position in Prosperity Bancshares in the first quarter valued at about $105,000. Quadrant Capital Group LLC lifted its holdings in Prosperity Bancshares by 28.4% in the fourth 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 during the period. Finally, New England Research & Management Inc. acquired a new stake in shares of Prosperity Bancshares during the first quarter worth $212,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Down 1.1%

PB stock opened at $65.35 on Friday. The stock has a market cap of $6.23 billion, a PE ratio of 11.88, a P/E/G ratio of 0.99 and a beta of 0.71. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The company has a 50-day moving average price of $70.01 and a 200 day moving average price of $71.50.

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

Prosperity Bancshares Announces Dividend

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

Wall Street Analysts Forecast Growth

PB has been the subject of several research reports. Piper Sandler dropped their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Keefe, Bruyette & Woods decreased their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. Hovde Group decreased their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $84.57.

Insider Activity at Prosperity Bancshares

In other 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 value of $42,534.00. Following the completion of the sale, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 13,700 shares of company stock worth $963,968 over the last ninety days. 4.20% of the stock is owned by corporate insiders.

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.

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