Saxon Interests Inc. Makes New Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Saxon Interests Inc. purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,000 shares of the bank’s stock, valued at approximately $677,000.

Several other institutional investors and hedge funds have also bought and sold shares of PB. State of Wyoming boosted its holdings in Prosperity Bancshares by 25.1% in the second quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after purchasing an additional 179 shares during the last quarter. Advisor Group Holdings Inc. boosted its holdings in Prosperity Bancshares by 3.1% in the first quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock valued at $411,000 after purchasing an additional 181 shares during the last quarter. Spire Wealth Management boosted its holdings in Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after purchasing an additional 194 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in Prosperity Bancshares by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock valued at $2,088,000 after purchasing an additional 200 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Prosperity Bancshares by 1.8% in the fourth quarter. Cetera Investment Advisers now owns 13,229 shares of the bank’s stock valued at $961,000 after purchasing an additional 229 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PB has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of Prosperity Bancshares from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Wednesday, December 13th. Truist Financial upped their price objective on shares of Prosperity Bancshares from $61.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, December 15th. Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective for the company. Raymond James upped their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Friday, January 5th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective for the company in a research report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $68.79.

Prosperity Bancshares Stock Performance

Shares of PB traded up $0.72 during mid-day trading on Friday, hitting $65.78. 640,488 shares of the company were exchanged, compared to its average volume of 524,518. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $68.88. The company has a 50 day moving average of $63.33 and a 200-day moving average of $60.57. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.29 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The company had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $279.34 million. During the same quarter in the prior year, the company earned $1.51 EPS. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.06 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 15th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.24 annualized dividend and a yield of 3.41%. Prosperity Bancshares’s dividend payout ratio is presently 49.45%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.