West Family Investments Inc. Takes $523,000 Position in Prosperity Bancshares, Inc. $PB

West Family Investments Inc. purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 7,168 shares of the bank’s stock, valued at approximately $523,000.

Several other institutional investors have also recently added to or reduced their stakes in PB. Danske Bank A S acquired a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $40,000. SouthState Bank Corp purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth approximately $49,000. Osaic Holdings Inc. raised its stake in shares of Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth $54,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth $55,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

NYSE:PB opened at $72.94 on Thursday. The firm’s fifty day simple moving average is $72.98 and its 200-day simple moving average is $70.49. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.36 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 EPS for the quarter, beating the consensus estimate of $1.50 by $0.12. The firm 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 business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.42 earnings per share. Analysts expect that Prosperity Bancshares, Inc. will post 6.45 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared 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 of this dividend is Tuesday, September 15th. This represents a $2.40 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares’s payout ratio is 41.59%.

Wall Street Analyst Weigh In

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

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $73.64, for a total value of $36,820.00. Following the sale, the director owned 70,615 shares in the company, valued at $5,200,088.60. This represents a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 12,100 shares of company stock worth $872,923. 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.