Lido Advisors LLC Invests $4.62 Million in Prosperity Bancshares, Inc. $PB

Lido Advisors LLC purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 68,141 shares of the bank’s stock, valued at approximately $4,618,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Danske Bank A S bought a new stake in shares of Prosperity Bancshares in the 3rd quarter worth about $40,000. SouthState Bank Corp bought a new position in Prosperity Bancshares during the 4th quarter valued at about $49,000. Osaic Holdings Inc. lifted its holdings in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in Prosperity Bancshares in the fourth quarter valued at about $55,000. Finally, Group One Trading LLC acquired a new position in Prosperity Bancshares in the fourth quarter valued at about $66,000. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Up 0.6%

Shares of NYSE PB opened at $73.11 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.20. The firm’s 50-day simple moving average is $71.11 and its 200 day simple moving average is $70.18. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 13.24, a price-to-earnings-growth ratio of 1.16 and a beta of 0.63.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a net margin of 29.50% and a return on equity of 7.20%. The firm had revenue of $367.62 million during the quarter, compared to analysts’ expectations of $358.60 million. During the same quarter last year, the company posted $1.37 EPS. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, research analysts expect that Prosperity Bancshares, Inc. will post 6.25 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

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 $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s payout ratio is 43.48%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $70.61, for a total transaction of $42,366.00. Following the completion of the sale, the director owned 39,800 shares in the company, valued at $2,810,278. The trade was a 1.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 12,100 shares of company stock valued at $849,312. 3.96% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on PB shares. TD Cowen upped their price objective on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Benchmark initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They issued a “hold” rating for the company. Piper Sandler boosted 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. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus price target of $76.36.

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.