Oxbow Advisors LLC Acquires Shares of 301,825 Prosperity Bancshares, Inc. $PB

Oxbow Advisors LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the first quarter, HoldingsChannel.com reports. The firm bought 301,825 shares of the bank’s stock, valued at approximately $20,277,000. Prosperity Bancshares accounts for approximately 1.7% of Oxbow Advisors LLC’s portfolio, making the stock its 9th biggest position.

Several other hedge funds also recently made changes to their positions in PB. Sepio Capital LP raised its position in shares of Prosperity Bancshares by 2.4% in the fourth quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock valued at $394,000 after buying an additional 133 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Prosperity Bancshares by 1.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock valued at $990,000 after buying an additional 145 shares during the period. Osaic Holdings Inc. grew its position in 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 buying an additional 186 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Prosperity Bancshares by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock worth $2,631,000 after buying an additional 228 shares in the last quarter. Finally, Choreo LLC increased its stake in Prosperity Bancshares by 7.6% during the 4th quarter. Choreo LLC now owns 3,386 shares of the bank’s stock worth $239,000 after acquiring an additional 238 shares during the period. 80.69% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $73.56, for a total value of $36,780.00. Following the transaction, the director owned 74,115 shares in the company, valued at $5,451,899.40. The trade was a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 14,300 shares of company stock valued at $999,976 over the last quarter. Company insiders own 3.96% of the company’s stock.

Prosperity Bancshares Stock Down 0.0%

Shares of PB opened at $70.90 on Friday. The firm has a 50 day simple moving average of $69.96 and a two-hundred day simple moving average of $70.00. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. 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 $7.15 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.09 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same quarter last year, the business posted $1.37 EPS. The company’s revenue was up 19.9% compared to the same quarter last year. Research analysts forecast that Prosperity Bancshares, Inc. will post 6.27 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is 43.48%.

Analysts Set New Price Targets

PB has been the subject of several analyst reports. Benchmark began coverage on Prosperity Bancshares in a report on Wednesday, June 24th. They issued a “hold” rating for the company. Piper Sandler increased their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. TD Cowen raised their price target on Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Citigroup upped their price objective on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. Finally, Morgan Stanley increased their price objective on shares of Prosperity Bancshares from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Monday. Six 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. Based on data from MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average price target of $76.82.

About Prosperity Bancshares

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.