Sivia Capital Partners LLC Invests $359,000 in Prosperity Bancshares, Inc. $PB

Key Points

• Sivia Capital Partners LLC invested $359,000 in Prosperity Bancshares, acquiring 5,107 shares during the 2nd quarter.
• The bank recently declared a quarterly dividend of $0.58, which equates to an annualized dividend of $2.32 and a yield of 3.5%.
• Prosperity Bancshares reported earnings per share (EPS) of $1.42 for the last quarter, exceeding analysts' expectations of $1.40.

Sivia Capital Partners LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 5,107 shares of the bank's stock, valued at approximately $359,000.

Other large investors have also made changes to their positions in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Prosperity Bancshares during the 1st quarter worth about $48,000. Parallel Advisors LLC lifted its position in Prosperity Bancshares by 16.8% during the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after buying an additional 141 shares in the last quarter. Fifth Third Bancorp lifted its position in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after buying an additional 396 shares in the last quarter. Quarry LP lifted its position in Prosperity Bancshares by 16.7% during the 1st quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after buying an additional 195 shares in the last quarter. Finally, Chilton Capital Management LLC acquired a new position in Prosperity Bancshares during the 1st quarter worth about $105,000. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Up 1.9%

Prosperity Bancshares stock opened at $67.07 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The company has a market cap of $6.37 billion, a PE ratio of 12.19, a PEG ratio of 0.99 and a beta of 0.74. The company's 50-day moving average is $68.46 and its two-hundred day moving average is $69.29.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) 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 company had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. During the same period in the prior year, the company posted $1.22 EPS. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PB. Piper Sandler reduced their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Citigroup reiterated a "neutral" rating and set a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research report on Wednesday, September 10th. They set an "overweight" rating and a $78.00 price target on the stock. Finally, Hovde Group cut their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $83.13.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $65.84, for a total value of $32,920.00. Following the completion of the sale, the director directly owned 92,915 shares of the company's stock, valued at $6,117,523.60. This represents a 0.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 15,400 shares of company stock valued at $1,067,419. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Company 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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