Palisade Capital Management LP Takes $15.90 Million Position in Prosperity Bancshares, Inc. $PB

Palisade Capital Management LP acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 217,770 shares of the bank’s stock, valued at approximately $15,904,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Prosperity Bancshares by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 10,256,927 shares of the bank’s stock valued at $708,856,000 after purchasing an additional 140,035 shares during the last quarter. BlackRock Inc. acquired a new position in Prosperity Bancshares during the second quarter worth $746,776,000. State Street Corp lifted its stake in Prosperity Bancshares by 6.6% during the third quarter. State Street Corp now owns 5,580,039 shares of the bank’s stock worth $373,231,000 after purchasing an additional 343,062 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Prosperity Bancshares by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,929,309 shares of the bank’s stock worth $331,142,000 after buying an additional 205,291 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Prosperity Bancshares during the second quarter worth $350,099,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the topic of several research analyst reports. Wall Street Zen upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Royal Bank Of Canada raised their target price on Prosperity Bancshares from $78.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Citigroup lifted their target price on Prosperity Bancshares from $75.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Benchmark initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Five equities research 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $78.36.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $72.56 on Wednesday. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The company has a market cap of $7.32 billion, a PE ratio of 12.58, a P/E/G ratio of 0.79 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The business has a 50-day simple moving average of $73.06 and a 200-day simple moving average of $70.55.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, beating 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 $369.18 million for the quarter, compared to analysts’ expectations of $380.73 million. During the same quarter last year, the company earned $1.42 earnings per share. The firm’s revenue was up 25.9% compared to the same quarter last year. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 6.47 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 41.59%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $73.64, for a total transaction of $36,820.00. Following the completion of the sale, the director directly owned 70,615 shares of the company’s stock, valued at approximately $5,200,088.60. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 11,000 shares of company stock valued at $796,683. 3.96% of the stock is currently owned by company insiders.

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.