SummitTX Capital L.P. Buys New Shares in Prosperity Bancshares, Inc. $PB

SummitTX Capital L.P. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 57,725 shares of the bank's stock, valued at approximately $3,878,000. SummitTX Capital L.P. owned approximately 0.06% of Prosperity Bancshares as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sepio Capital LP lifted its position in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank's stock worth $394,000 after acquiring an additional 133 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Prosperity Bancshares by 1.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank's stock valued at $990,000 after purchasing an additional 145 shares during the period. Osaic Holdings Inc. increased its position in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock valued at $51,000 after purchasing an additional 186 shares during the period. Earned Wealth Advisors LLC raised its stake in shares of Prosperity Bancshares by 6.2% in the first quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank's stock valued at $244,000 after purchasing an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Prosperity Bancshares by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank's stock valued at $2,631,000 after purchasing an additional 228 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the transaction, the director directly owned 40,800 shares of the company's stock, valued at $2,840,496. The trade was a 1.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 12,100 shares of company stock valued at $849,312 in the last three months. Insiders own 3.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PB shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Piper Sandler increased their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Weiss Ratings raised shares of Prosperity Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, July 1st. Benchmark began coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a "hold" rating on the stock. Finally, Wall Street Zen raised shares of Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $76.36.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB opened at $72.62 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The business's fifty day moving average price is $71.20 and its two-hundred day moving average price is $70.20. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 1.17 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. The company had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm's revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.37 EPS. As a group, analysts predict that Prosperity Bancshares, Inc. will post 6.25 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 43.48%.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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