Prosperity Bancshares, Inc. $PB Shares Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 231.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 53,875 shares of the bank’s stock after purchasing an additional 37,602 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Prosperity Bancshares were worth $3,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mather Group LLC. purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at about $26,000. Employees Retirement System of Texas purchased a new stake in Prosperity Bancshares in the second quarter valued at approximately $48,000. Osaic Holdings Inc. lifted its stake in Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares during the last quarter. IFP Advisors Inc boosted its holdings in shares of Prosperity Bancshares by 1,251.4% in the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after acquiring an additional 901 shares during the period. Finally, Signaturefd LLC grew its position in shares of Prosperity Bancshares by 33.8% during the second quarter. Signaturefd LLC now owns 985 shares of the bank’s stock worth $69,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Up 0.7%

Shares of PB opened at $72.38 on Tuesday. The stock’s 50 day moving average is $70.69 and its two-hundred day moving average is $68.32. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $82.75. The firm has a market capitalization of $6.87 billion, a PE ratio of 12.90, a P/E/G ratio of 0.94 and a beta of 0.68.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The business had revenue of $314.67 million during the quarter, compared to analysts’ expectations of $317.94 million. During the same period last year, the firm earned $1.34 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 13th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.3%. Prosperity Bancshares’s payout ratio is currently 42.78%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PB. Hovde Group cut shares of Prosperity Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 26th. Royal Bank Of Canada decreased their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Piper Sandler lowered their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Prosperity Bancshares in a research note on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.75.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $74.29, for a total value of $37,145.00. Following the completion of the transaction, the director directly owned 83,915 shares of the company’s stock, valued at approximately $6,234,045.35. This trade represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 16,150 shares of company stock worth $1,127,735 over the last quarter. 4.20% of the stock is currently owned by 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.