AXQ Capital LP Buys New Position in Prosperity Bancshares, Inc. $PB

AXQ Capital LP purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 12,379 shares of the bank’s stock, valued at approximately $821,000.

Other hedge funds have also recently modified their holdings of the company. Clearstead Advisors LLC lifted its position in Prosperity Bancshares by 10.9% during the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after purchasing an additional 159 shares in the last quarter. Bfsg LLC grew its stake in shares of Prosperity Bancshares by 5.1% during the 3rd quarter. Bfsg LLC now owns 3,363 shares of the bank’s stock valued at $223,000 after acquiring an additional 164 shares during the period. AE Wealth Management LLC increased its holdings in Prosperity Bancshares by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 4,640 shares of the bank’s stock worth $326,000 after acquiring an additional 172 shares in the last quarter. Belpointe Asset Management LLC raised its stake in Prosperity Bancshares by 5.1% during the 3rd quarter. Belpointe Asset Management LLC now owns 3,621 shares of the bank’s stock worth $240,000 after acquiring an additional 176 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after purchasing an additional 186 shares in the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PB. DA Davidson restated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, January 29th. Barclays cut Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $75.00 to $68.00 in a research report on Monday, February 2nd. Hovde Group upped their price target on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Piper Sandler cut shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $77.00 to $74.00 in a research report on Thursday, January 29th. Finally, Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.77.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $76.08, for a total value of $38,040.00. Following the transaction, the director directly owned 82,415 shares in the company, valued at $6,270,133.20. This represents a 0.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 15,050 shares of company stock valued at $1,073,264. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Trading Down 4.2%

Shares of NYSE PB opened at $70.42 on Tuesday. The stock has a market capitalization of $6.69 billion, a price-to-earnings ratio of 12.29, a P/E/G ratio of 1.03 and a beta of 0.67. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $77.92. The firm’s 50-day moving average price is $71.82 and its 200-day moving average price is $68.74.

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

Prosperity Bancshares Announces Dividend

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 is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) 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.