Krilogy Financial LLC has made a significant investment in Prosperity Bancshares, Inc. (NYSE: PB), acquiring a stake valued at approximately $530,000. This acquisition, detailed in the firm’s latest Form 13F filing with the Securities and Exchange Commission, includes 7,942 shares of the bank’s stock during the third quarter of 2023.
Several institutional investors have recently joined Krilogy in purchasing shares of Prosperity Bancshares. Notably, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. enhanced its holdings by 21.4% in the first quarter, now owning 30,198 shares valued at $2,155,000 after acquiring an additional 5,326 shares. NewEdge Advisors LLC also increased its stake by 36.8%, owning 7,295 shares worth $521,000 following a purchase of 1,962 shares. Furthermore, UBS AM, a distinct business unit of UBS Asset Management Americas LLC, raised its holdings by 5.3%, now possessing 346,151 shares valued at $24,705,000.
In addition to these investments, Jane Street Group LLC significantly increased its stake in Prosperity Bancshares by 182.8%, now owning 104,755 shares valued at $7,476,000. Meanwhile, Sivia Capital Partners LLC entered the fray with a new stake worth $359,000 during the second quarter. Overall, institutional investors and hedge funds now control 80.69% of Prosperity Bancshares stock.
As of the last trading session, shares of Prosperity Bancshares opened at $72.71, experiencing a decline of 2.4%. The stock has displayed a 50-day moving average of $71.75 and a 200-day moving average of $68.45. Over the past year, the stock has fluctuated between a low of $61.06 and a high of $79.03. Currently, the firm holds a market capitalization of $6.91 billion, with a price-to-earnings (P/E) ratio of 12.69 and a price-to-earnings-growth (PEG) ratio of 1.02.
In a related development, Prosperity Bancshares has announced a quarterly dividend of $0.60 per share, to be paid on April 1, 2024. Stockholders of record on March 13, 2024 will benefit from this dividend, which translates to an annualized dividend of $2.40 and a yield of 3.3%. The current dividend payout ratio stands at 41.88%.
Recent insider activity has also been noteworthy. On February 11, 2024, Director Ned S. Holmes sold 600 shares at an average price of $76.07, totaling $45,642. Following this transaction, he retains 41,900 shares valued at approximately $3,187,333, indicating a 1.41% reduction in his ownership. In total, insiders have sold 16,150 shares worth $1,145,403 in the last ninety days, with corporate insiders holding 4.20% of the stock.
Analysts have issued varied ratings on Prosperity Bancshares. Piper Sandler downgraded the stock from an “overweight” to a “neutral” rating, with a price target reduction from $77.00 to $74.00. Barclays also cut its rating from “equal weight” to “underweight,” lowering its price target from $75.00 to $68.00. Despite these downgrades, TD Cowen maintained a “buy” rating, while DA Davidson reaffirmed a “neutral” stance with a target price of $76.00. Citigroup echoed a “neutral” rating in their recent evaluations.
The consensus among analysts currently stands at a “Hold” rating, with an average price target of $78.77, according to data from MarketBeat.com.
Prosperity Bancshares, Inc. serves as a holding company for Prosperity Bank, providing a wide array of commercial and consumer banking services across Texas, Oklahoma, Arkansas, and Louisiana. With its roots tracing back to its original charter as First National Bank in McKinney, Texas, in 1911, the institution has evolved significantly, rebranding to Prosperity Bank in 2009 following strategic acquisitions aimed at strengthening its regional presence.
