Entropy Technologies LP Purchases Shares of 14,485 Prosperity Bancshares, Inc. $PB

Entropy Technologies LP purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,485 shares of the bank’s stock, valued at approximately $973,000.

Several other institutional investors have also recently made changes to their positions in PB. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock worth $708,856,000 after purchasing an additional 140,035 shares in the last quarter. State Street Corp grew its stake in shares of Prosperity Bancshares by 6.6% in the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock valued at $373,231,000 after buying an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after buying an additional 205,291 shares during the last quarter. AQR Capital Management LLC increased its holdings in Prosperity Bancshares by 34.5% during the fourth quarter. AQR Capital Management LLC now owns 4,600,715 shares of the bank’s stock worth $317,955,000 after buying an additional 1,179,307 shares during the last quarter. Finally, Morgan Stanley increased its holdings in Prosperity Bancshares by 0.4% during the fourth quarter. Morgan Stanley now owns 3,679,871 shares of the bank’s stock worth $254,316,000 after buying an additional 15,192 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $70.24, for a total value of $42,144.00. Following the transaction, the director directly owned 40,700 shares of the company’s stock, valued at $2,858,768. This represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 11,000 shares of company stock valued at $772,745 in the last 90 days. 3.96% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. TD Cowen increased their price target on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Weiss Ratings upgraded shares of Prosperity Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, July 1st. Citigroup boosted their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, June 25th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Finally, Piper Sandler raised their target price 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. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $76.36.

Prosperity Bancshares Stock Up 1.4%

PB stock opened at $73.59 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.42 billion, a PE ratio of 13.33, a PEG ratio of 1.16 and a beta of 0.63. Prosperity Bancshares, Inc. has a 1-year low of $61.06 and a 1-year high of $77.20. The business’s 50 day simple moving average is $71.32 and its 200 day simple moving average is $70.22.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The business had revenue of $367.62 million for the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter in the prior year, the business earned $1.37 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is currently 43.48%.

About Prosperity Bancshares

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.