11,607 Shares in Prosperity Bancshares, Inc. $PB Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, HoldingsChannel.com reports. The fund bought 11,607 shares of the bank’s stock, valued at approximately $848,000.

Several other institutional investors have also recently bought and sold shares of PB. Deutsche Bank AG bought a new position in shares of Prosperity Bancshares during the 2nd quarter worth approximately $708,000. Uniting Wealth Partners LLC acquired a new stake in shares of Prosperity Bancshares in the second quarter valued at approximately $251,000. Global Retirement Partners LLC bought a new stake in shares of Prosperity Bancshares in the second quarter worth $54,000. Bank of New York Mellon Corp bought a new stake in shares of Prosperity Bancshares in the second quarter worth $57,877,000. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Prosperity Bancshares during the second quarter worth $1,001,000. Institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

PB has been the subject of a number of analyst reports. Citigroup raised their target price on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Morgan Stanley reissued an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a research report on Monday, July 6th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Finally, Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has an average rating of “Hold” and an average price target of $78.36.

Prosperity Bancshares Trading Down 0.2%

NYSE PB opened at $74.35 on Wednesday. The company has a market cap of $7.50 billion, a PE ratio of 12.89, a PEG ratio of 0.82 and a beta of 0.64. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $77.20. The stock has a 50 day moving average of $72.94 and a 200-day moving average of $70.46.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.12. The business had revenue of $369.18 million during the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm’s revenue was up 25.9% on a year-over-year basis. During the same period last year, the business earned $1.42 earnings per share. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 6.45 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 paid a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.2%. Prosperity Bancshares’s payout ratio is currently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $69.30, for a total value of $41,580.00. Following the sale, the director directly owned 40,400 shares of the company’s stock, valued at approximately $2,799,720. This represents a 1.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 11,000 shares of company stock worth $791,901. 3.96% of the stock is owned by insiders.

Prosperity Bancshares Company 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.