Empowered Funds LLC Acquires New Shares in Prosperity Bancshares, Inc. $PB

Empowered Funds LLC bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, Holdings Channel reports. The fund bought 35,532 shares of the bank’s stock, valued at approximately $2,595,000.

Other institutional investors also recently modified their holdings of the company. United Capital Financial Advisors LLC bought a new stake in shares of Prosperity Bancshares in the 2nd quarter valued at about $322,000. Jefferies Financial Group Inc. bought a new position in Prosperity Bancshares during the 2nd quarter worth approximately $1,784,000. Public Employees Retirement System of Ohio acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $3,242,000. Corient Private Wealth LP acquired a new position in Prosperity Bancshares during the second quarter valued at approximately $1,856,000. Finally, Azora Capital LP bought a new stake in Prosperity Bancshares in the second quarter valued at approximately $29,120,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. TD Cowen increased their target price on shares of Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Benchmark started coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Finally, Weiss Ratings upgraded Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and a consensus target price of $78.36.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $73.18, for a total transaction of $43,908.00. Following the completion of the sale, the director owned 39,100 shares of the company’s stock, valued at approximately $2,861,338. The trade was a 1.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 11,000 shares of company stock worth $802,722. Company insiders own 3.96% of the company’s stock.

Prosperity Bancshares Trading Up 2.1%

Prosperity Bancshares stock opened at $72.18 on Thursday. The firm has a 50-day moving average of $73.12 and a 200-day moving average of $70.44. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.75 and a quick ratio of 0.75. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 0.77 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. During the same period in the prior year, the firm posted $1.42 earnings per share. The company’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 6.47 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced 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. 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 41.59%.

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.