Stieven Capital Advisors L.P. Makes New Investment in Prosperity Bancshares, Inc. $PB

Stieven Capital Advisors L.P. purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, HoldingsChannel reports. The fund purchased 118,958 shares of the bank’s stock, valued at approximately $7,893,000. Prosperity Bancshares comprises approximately 1.5% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 25th biggest holding.

A number of other large investors have also recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in shares of Prosperity Bancshares by 175.1% during the second quarter. AQR Capital Management LLC now owns 2,383,162 shares of the bank’s stock worth $167,393,000 after purchasing an additional 1,516,939 shares in the last quarter. American Century Companies Inc. raised its stake in Prosperity Bancshares by 4,674.9% in the second quarter. American Century Companies Inc. now owns 1,426,917 shares of the bank’s stock valued at $100,227,000 after purchasing an additional 1,397,033 shares in the last quarter. Norges Bank bought a new stake in Prosperity Bancshares during the second quarter valued at approximately $53,398,000. Vanguard Group Inc. lifted its position in Prosperity Bancshares by 4.8% during the third quarter. Vanguard Group Inc. now owns 10,116,892 shares of the bank’s stock valued at $671,256,000 after purchasing an additional 465,227 shares during the last quarter. Finally, Algebris UK Ltd. grew its stake in Prosperity Bancshares by 128.5% in the 3rd quarter. Algebris UK Ltd. now owns 531,731 shares of the bank’s stock worth $35,253,000 after buying an additional 299,064 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Barclays lowered shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $75.00 to $68.00 in a report on Monday, February 2nd. DA Davidson reiterated a “neutral” rating and issued a $76.00 target price on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Morgan Stanley increased their target price on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Citigroup restated a “neutral” rating on shares of Prosperity Bancshares in a research report on Monday, February 2nd. Finally, TD Cowen reaffirmed a “buy” rating on shares of Prosperity Bancshares in a research note on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Hold” and a consensus target price of $78.92.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $71.99, for a total transaction of $43,194.00. Following the transaction, the director directly owned 42,700 shares of the company’s stock, valued at approximately $3,073,973. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 13,200 shares of company stock worth $936,078 over the last quarter. 4.20% of the stock is currently owned by company insiders.

Prosperity Bancshares Stock Performance

Shares of PB opened at $64.28 on Friday. The firm has a market cap of $6.53 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 0.92 and a beta of 0.66. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20. The firm has a 50 day moving average price of $71.33 and a 200-day moving average price of $68.84.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, January 28th. The bank reported $1.46 EPS for the quarter, beating the consensus estimate of $1.45 by $0.01. The company had revenue of $317.73 million for the quarter, compared to analyst estimates of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.37 EPS. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.7%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is presently 41.88%.

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.