SG Americas Securities LLC Boosts Holdings in Prosperity Bancshares, Inc. $PB

SG Americas Securities LLC grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 42.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,738 shares of the bank’s stock after purchasing an additional 9,765 shares during the period. SG Americas Securities LLC’s holdings in Prosperity Bancshares were worth $2,199,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PB. Community Bank N.A. purchased a new stake in Prosperity Bancshares in the third quarter worth about $29,000. Danske Bank A S bought a new position in shares of Prosperity Bancshares in the 3rd quarter worth approximately $40,000. SouthState Bank Corp purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $49,000. Osaic Holdings Inc. lifted its stake in shares of Prosperity Bancshares by 34.9% in 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 period. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of Prosperity Bancshares during the fourth quarter valued at approximately $55,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 0.1%

NYSE:PB opened at $73.10 on Thursday. The firm has a market cap of $7.37 billion, a P/E ratio of 13.24, a P/E/G ratio of 1.12 and a beta of 0.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. 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 simple moving average of $69.91 and a two-hundred day simple moving average of $70.00.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 29th. The bank reported $1.50 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $358.60 million. During the same quarter in the prior year, the firm posted $1.37 earnings per share. The business’s revenue was up 19.9% on a year-over-year basis. Analysts predict that Prosperity Bancshares, Inc. will post 6.27 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Monday, June 15th were given a $0.60 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $2.40 annualized dividend and a yield of 3.3%. Prosperity Bancshares’s dividend payout ratio is 43.48%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $73.56, for a total value of $36,780.00. Following the completion of the sale, the director owned 74,115 shares of the company’s stock, valued at approximately $5,451,899.40. This trade represents a 0.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 14,300 shares of company stock worth $999,976. Company insiders own 3.96% of the company’s stock.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent research reports. Benchmark assumed coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They set a “hold” rating for the company. Piper Sandler lifted their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Morgan Stanley upped their price objective on shares of Prosperity Bancshares from $83.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 target price on shares of Prosperity Bancshares in a research note on Tuesday, June 23rd. Finally, TD Cowen lifted their target price on shares of Prosperity Bancshares from $77.00 to $79.00 and gave the company a “buy” rating in a report on Friday, May 1st. Five analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $76.82.

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.