North Star Asset Management Inc. Takes $16.79 Million Position in Prosperity Bancshares, Inc. $PB

North Star Asset Management Inc. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 229,877 shares of the bank’s stock, valued at approximately $16,788,000. North Star Asset Management Inc. owned about 0.23% of Prosperity Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PB. Empowered Funds LLC acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $2,595,000. United Capital Financial Advisors LLC acquired a new position in Prosperity Bancshares in the second quarter valued at $322,000. Jefferies Financial Group Inc. acquired a new position in Prosperity Bancshares in the second quarter valued at $1,784,000. Public Employees Retirement System of Ohio acquired a new position in Prosperity Bancshares in the second quarter valued at $3,242,000. Finally, Corient Private Wealth LP purchased a new stake in Prosperity Bancshares during the second quarter valued at about $1,856,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $67.69, for a total transaction of $40,614.00. Following the completion of the transaction, the director owned 40,300 shares in the company, valued at approximately $2,727,907. This represents a 1.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 12,100 shares of company stock worth $877,186 over the last three months. Insiders own 3.96% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the subject of several research reports. Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 29th. Piper Sandler lifted their target price 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Benchmark initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Finally, Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has a consensus rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Trading Down 0.5%

NYSE:PB opened at $72.72 on Friday. 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 business’s 50 day moving average is $73.14 and its two-hundred day moving average is $70.53. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20. The company has a market cap of $7.33 billion, a PE ratio of 12.60, a P/E/G ratio of 0.80 and a beta of 0.64.

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 analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The company had revenue of $369.18 million for the quarter, compared to the consensus estimate of $380.73 million. During the same period last year, the firm posted $1.42 EPS. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. On average, analysts predict that Prosperity Bancshares, Inc. will post 6.47 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s payout ratio is currently 41.59%.

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.