8,148 Shares of Prosperity Bancshares, Inc. $PB Acquired by WJ Interests LLC

WJ Interests LLC bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 8,148 shares of the bank’s stock, valued at approximately $539,000. Prosperity Bancshares makes up about 0.2% of WJ Interests LLC’s portfolio, making the stock its 14th biggest position.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $746,776,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Prosperity Bancshares in the 2nd quarter valued at approximately $350,099,000. Algebris UK Ltd. bought a new position in Prosperity Bancshares in the 2nd quarter valued at approximately $59,465,000. Bank of New York Mellon Corp bought a new position in Prosperity Bancshares in the 2nd quarter valued at approximately $57,877,000. Finally, North Reef Capital Management LP lifted its stake in Prosperity Bancshares by 149.0% in the 1st quarter. North Reef Capital Management LP now owns 1,107,877 shares of the bank’s stock valued at $74,427,000 after purchasing an additional 662,877 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $66.35 on Wednesday. The firm has a market cap of $6.69 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 0.74 and a beta of 0.66. The firm’s fifty day moving average is $70.75 and its 200-day moving average is $70.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. Prosperity Bancshares, Inc. has a 52 week low of $61.06 and a 52 week high of $77.20.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 29th. The bank reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.12. The company had revenue of $391.25 million for the quarter, compared to analysts’ expectations of $380.73 million. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. Prosperity Bancshares’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 6.46 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, September 15th. Prosperity Bancshares’s payout ratio is 41.59%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PB. Citigroup decreased their target price on shares of Prosperity Bancshares from $79.00 to $77.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 22nd. Piper Sandler increased their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 30th. TD Cowen dropped their price target on Prosperity Bancshares from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Finally, Royal Bank Of Canada reduced their price objective on Prosperity Bancshares from $80.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Friday. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $77.73.

Insider Activity at Prosperity Bancshares

In other news, Director Ned Holmes sold 500 shares of the stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $65.78, for a total value of $32,890.00. Following the completion of the sale, the director owned 67,115 shares of the company’s stock, valued at approximately $4,414,824.70. This represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 11,600 shares of company stock valued at $829,985. Insiders own 3.96% of the company’s stock.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a bank holding company headquartered in Houston, Texas. Through its principal subsidiary, Prosperity Bank, the company provides a range of banking and financial services to individuals, businesses and institutional customers.

Prosperity Bank offers deposit accounts, commercial and consumer lending, mortgage and real estate loans, treasury management, cash management, online and mobile banking, and other related financial services. Its lending activities support businesses, agricultural customers, real estate projects and consumers.

Founded in 1983, Prosperity Bancshares has expanded through organic growth and acquisitions.