Hennion & Walsh Asset Management Inc. makes new investment in Prosperity Bancshares, Inc. (NYSE:PB)
Hennion & Walsh Asset Management Inc. bought a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) during the first quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The fund bought 4,540 shares of the bank, valued at around $315,000.
Other institutional investors and hedge funds have also been buying and selling shares of the company recently. JPMorgan Chase & Co. increased its position in Prosperity Bancshares by 0.3% during the fourth quarter. JPMorgan Chase & Co. now owns 225,739 shares of the bank worth $16,321,000 after buying 693 more shares last quarter. Fifth Third Bancorp raised its position in shares of Prosperity Bancshares by 54.2% in the fourth quarter. Fifth Third Bancorp now owns 765 shares of the bank valued at $55,000 after acquiring 269 additional shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Prosperity Bancshares by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank valued at $133,622,000 after acquiring an additional 118,165 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Prosperity Bancshares shares by 7.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,465 shares of the bank valued at $865,000 after acquiring 823 additional shares last quarter. Finally, Gotham Asset Management LLC increased its position in Prosperity Bancshares shares by 85.6% in the fourth quarter. Gotham Asset Management LLC now owns 7,508 shares of the bank valued at $543,000 after acquiring 3,462 additional shares last quarter. Institutional investors hold 80.30% of the company’s shares.
In other news, Chairman H E. Timanus, Jr. purchased 2,000 shares of the company in a trade Thursday, June 16. The stock was purchased at an average price of $65.60 per share, for a total transaction of $131,200.00. After the purchase was completed, the president now directly owns 4,000 shares of the company, valued at approximately $262,400. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. Additionally, director George A. Fisk sold 1,200 shares of the company in a trade dated Monday, June 27. The stock was sold at an average price of $69.50, for a total value of $83,400.00. Following the sale, the director now owns 93,611 shares of the company, valued at $6,505,964.50. The disclosure of this sale can be found here. Company insiders hold 4.22% of the company’s shares.
Shares of Prosperity Bancshares opened at $66.05 on Friday. The company has a market capitalization of $6.09 billion, a P/E ratio of 11.95, a PEG ratio of 1.20 and a beta of 1.05. The stock has a fifty-day moving average price of $69.44 and a 200-day moving average price of $71.14. Prosperity Bancshares, Inc. has a 52 week low of $64.40 and a 52 week high of $80.46.
Prosperity Bancshares (NYSE:PB – Get Rating) last released its results on Wednesday April 27. The bank reported EPS of $1.33 for the quarter, beating the consensus estimate of $1.29 by $0.04. The company posted revenue of $275.07 million in the quarter, versus analyst estimates of $273.00 million. Prosperity Bancshares had a return on equity of 7.95% and a net margin of 43.64%. In the same period a year earlier, the company posted earnings per share of $1.44. As a group, equity research analysts expect Prosperity Bancshares, Inc. to post EPS of 5.72 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 1. Shareholders of record on Wednesday, June 15 received a dividend of $0.52 per share. The ex-dividend date was Tuesday, June 14. This represents an annualized dividend of $2.08 and a yield of 3.15%. Prosperity Bancshares’ dividend payout ratio is currently 37.75%.
Several analysts have recently released reports on the company. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a Thursday, June 2 research report. Wolfe Research cut its price target on Prosperity Bancshares from $69.00 to $63.00 and placed an “underperform” rating on the stock in a Thursday, May 26 research report. Truist Financial cut its price target on Prosperity Bancshares from $78.00 to $77.00 and placed a “buy” rating on the stock in a Wednesday June 15 research report. Finally, Piper Sandler lowered her price target on Prosperity Bancshares to $78.00 in a Monday July 4 research note. Two research analysts have assigned the stock a sell rating, two have assigned a hold rating and one has assigned the stock a buy rating. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $77.80.
About Prosperity Bancshares (Get a rating)
Prosperity Bancshares, Inc operates as a bank holding company for Prosperity Bank which provides financial products and services to businesses and consumers. It accepts various deposit products, such as current, savings, money market and term accounts, as well as certificates of deposit. The company also offers 1-4 family residential mortgages, commercial and multi-family residential, commercial and industrial, agricultural and non-real estate mortgages, as well as loans for construction, land development and other land loans. ; consumer loans, including secured loans for automobiles, recreational vehicles, boats, home improvement, personal and deposit accounts; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and the purchase of equipment and machinery.
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