Krilogy Financial LLC Takes Position in Prosperity Bancshares, Inc. $PB

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Profund Advisors LLC grew its holdings in Prosperity Bancshares by 5.9% in the 3rd quarter. Profund Advisors LLC now owns 3,756 shares of the bank’s stock valued at $249,000 after buying an additional 210 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Prosperity Bancshares by 5.3% in the third quarter. ProShare Advisors LLC now owns 516,381 shares of the bank’s stock valued at $34,262,000 after purchasing an additional 26,041 shares during the period. Savant Capital LLC grew its holdings in shares of Prosperity Bancshares by 58.6% in the third quarter. Savant Capital LLC now owns 11,391 shares of the bank’s stock valued at $756,000 after purchasing an additional 4,211 shares during the period. Hantz Financial Services Inc. increased its position in Prosperity Bancshares by 445.3% during the third quarter. Hantz Financial Services Inc. now owns 1,216 shares of the bank’s stock worth $81,000 after purchasing an additional 993 shares during the last quarter. Finally, Cornerstone Planning Group LLC raised its stake in Prosperity Bancshares by 18,633.3% during the third quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock worth $75,000 after purchasing an additional 1,118 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Buying and Selling at Prosperity Bancshares

In other Prosperity Bancshares news, Director Harrison Stafford II sold 800 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $70.76, for a total value of $56,608.00. Following the completion of the transaction, the director owned 107,937 shares in the company, valued at $7,637,622.12. The trade was a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Leah Henderson sold 1,050 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $73.00, for a total value of $76,650.00. Following the sale, the director directly owned 8,075 shares in the company, valued at $589,475. This represents a 11.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 16,150 shares of company stock valued at $1,145,403 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

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

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $72.71 on Friday. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.02 and a beta of 0.67. The business has a 50-day moving average of $71.75 and a 200 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.

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 the consensus estimate of $1.45 by $0.01. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The business had revenue of $317.73 million for the quarter, compared to analysts’ expectations of $319.30 million. During the same quarter in the prior year, the company earned $1.37 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis. Equities research analysts anticipate 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. Shareholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is 41.88%.

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.