Krilogy Financial LLC Makes New $530,000 Investment in Prosperity Bancshares, Inc. $PB

Krilogy Financial LLC acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,942 shares of the bank’s stock, valued at approximately $530,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Prosperity Bancshares by 21.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after acquiring an additional 5,326 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock valued at $521,000 after purchasing an additional 1,962 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Prosperity Bancshares by 5.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after purchasing an additional 17,345 shares in the last quarter. Jane Street Group LLC lifted its stake in shares of Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after purchasing an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC purchased a new stake in Prosperity Bancshares during the second quarter worth $359,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 2.4%

NYSE:PB opened at $72.71 on Friday. The stock has a 50 day moving average of $71.75 and a two-hundred day moving average of $68.45. Prosperity Bancshares, Inc. has a 12 month low of $61.06 and a 12 month high of $79.03. The firm has a market cap of $6.91 billion, a P/E ratio of 12.69, a price-to-earnings-growth ratio of 1.02 and a beta of 0.67.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.01. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The firm had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. During the same period in the previous year, the company posted $1.37 earnings per share. The business’s revenue was down 5.9% on a year-over-year basis. On average, research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is presently 41.88%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $76.07, for a total value of $45,642.00. Following the transaction, the director directly owned 41,900 shares of the company’s stock, valued at approximately $3,187,333. This trade represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 16,150 shares of company stock valued at $1,145,403 in the last ninety days. 4.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Piper Sandler downgraded shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. TD Cowen reissued a “buy” rating on shares of Prosperity Bancshares in a report on Wednesday, January 7th. DA Davidson reaffirmed a “neutral” rating and set a $76.00 target price on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Finally, Citigroup reiterated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $78.77.

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.