Summit Financial LLC Invests $2.18 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Summit Financial LLC acquired a new position in Prosperity Bancshares, purchasing 30,572 shares valued at approximately $2.18 million during the first quarter.
• A range of institutional investors, including Wealth Enhancement Advisory Services and PNC Financial Services Group, have also increased their stakes in Prosperity Bancshares, indicating strong institutional interest.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, equating to an annual yield of 3.3%, further enhancing its attractiveness to investors.

Summit Financial LLC purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,572 shares of the bank's stock, valued at approximately $2,182,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Prosperity Bancshares during the 1st quarter worth approximately $48,000. Quarry LP acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $88,000. Fifth Third Bancorp boosted its holdings in shares of Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after buying an additional 396 shares during the last quarter. Chilton Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the 1st quarter valued at approximately $105,000. Finally, Quantbot Technologies LP bought a new stake in Prosperity Bancshares in the 1st quarter valued at $197,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $68.85, for a total value of $34,425.00. Following the sale, the director directly owned 94,415 shares of the company's stock, valued at $6,500,472.75. This trade represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 14,300 shares of company stock valued at $997,378 over the last quarter. Company insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PB. Citigroup increased their price target on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods dropped their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. 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. Finally, Piper Sandler dropped their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $84.13.

Prosperity Bancshares Stock Down 0.3%

Shares of PB traded down $0.18 during trading hours on Thursday, hitting $69.39. 1,207,957 shares of the company were exchanged, compared to its average volume of 701,149. The firm's fifty day moving average is $69.69 and its 200 day moving average is $70.36. The company has a market cap of $6.59 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 1.04 and a beta of 0.71. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million for 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 period last year, the firm posted $1.22 earnings per share. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 annualized dividend and a yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

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.