Sequoia Financial Advisors LLC Makes New Investment in Prosperity Bancshares, Inc. $PB

Key Points

• Sequoia Financial Advisors LLC purchased 8,146 shares of Prosperity Bancshares, valued at approximately $572,000, in the 2nd quarter.
• Insider trading activity saw Director Ned S. Holmes selling 500 shares at $65.24, reducing his holdings by 0.55%.
• Prosperity Bancshares stock has shown a 2.2% increase recently, with a current market cap of $6.01 billion and earnings per share of $1.42.

Sequoia Financial Advisors LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,146 shares of the bank's stock, valued at approximately $572,000.

Other hedge funds have also recently modified their holdings of the company. Steph & Co. acquired a new position in shares of Prosperity Bancshares during the 2nd quarter worth about $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Prosperity Bancshares in the 1st quarter valued at about $48,000. IFP Advisors Inc raised its holdings in Prosperity Bancshares by 1,251.4% in the 2nd quarter. IFP Advisors Inc now owns 973 shares of the bank's stock valued at $68,000 after acquiring an additional 901 shares during the last quarter. Parallel Advisors LLC raised its holdings in Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock valued at $69,000 after acquiring an additional 141 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank's stock valued at $69,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $65.24, for a total value of $32,620.00. Following the sale, the director directly owned 90,915 shares in the company, valued at approximately $5,931,294.60. This trade represents a 0.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have sold 14,300 shares of company stock valued at $960,266. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Up 2.2%

Prosperity Bancshares stock opened at $63.28 on Monday. The firm has a market cap of $6.01 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 0.94 and a beta of 0.73. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $86.75. The company's 50 day moving average is $66.79 and its two-hundred day moving average is $68.40.

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

Analyst Upgrades and Downgrades

PB has been the subject of a number of recent research reports. Cowen initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, September 24th. They issued a "buy" rating for the company. Piper Sandler dropped their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Hovde Group dropped their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada lowered their price objective on shares of Prosperity Bancshares from $78.00 to $72.00 and set a "sector perform" rating for the company in a research report on Friday, October 10th. Twelve equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $82.27.

Prosperity Bancshares Profile

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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