Sanctuary Advisors LLC Grows Position in Prosperity Bancshares, Inc. $PB

Sanctuary Advisors LLC raised its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 350.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 30,887 shares of the bank’s stock after purchasing an additional 24,028 shares during the quarter. Sanctuary Advisors LLC’s holdings in Prosperity Bancshares were worth $2,075,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Danske Bank A S acquired a new position in shares of Prosperity Bancshares in the 3rd quarter valued at $40,000. SouthState Bank Corp acquired a new stake in shares of Prosperity Bancshares during the 4th quarter worth $49,000. Osaic Holdings Inc. increased its holdings in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Prosperity Bancshares in the 4th quarter worth $55,000. Finally, Group One Trading LLC purchased a new position in shares of Prosperity Bancshares in the 4th quarter worth $66,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. 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. Citigroup lifted their price objective on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $80.00 target price (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $76.36.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $73.07 on Thursday. 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 company has a market cap of $7.37 billion, a PE ratio of 13.24, a P/E/G ratio of 1.17 and a beta of 0.63. The company’s fifty day simple moving average is $70.87 and its 200-day simple moving average is $70.14. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.

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

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the completion of the sale, the director owned 40,800 shares of the company’s stock, valued at $2,840,496. This represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 12,100 shares of company stock worth $849,312 in the last 90 days. Insiders own 3.96% of the company’s stock.

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.