Cwm LLC invests $279,000 in Prosperity Bancshares, Inc. (NYSE: PB)
Cwm LLC acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE: PB – Get Rating) in Q1, according to its latest SEC disclosure. The fund acquired 4,021 shares of the bank, valued at around $279,000.
Other major investors have also recently changed their positions in the company. JPMorgan Chase & Co. increased its stake in Prosperity Bancshares by 0.3% during the 4th quarter. JPMorgan Chase & Co. now owns 225,739 shares of the bank worth $16,321,000 after acquiring 693 additional shares last quarter. Fifth Third Bancorp increased its stake in Prosperity Bancshares by 54.2% during the fourth quarter. Fifth Third Bancorp now owns 765 shares of the bank worth $55,000 after acquiring 269 more shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Prosperity Bancshares by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,848,170 shares of the bank worth $133,622,000 after acquiring 118,165 additional shares in the last quarter. Gotham Asset Management LLC increased its stake in Prosperity Bancshares by 85.6% during the 4th quarter. Gotham Asset Management LLC now owns 7,508 shares of the bank worth $543,000 after acquiring 3,462 additional shares last quarter. Finally, Russell Investments Group Ltd. increased its stake in Prosperity Bancshares by 5.2% in the fourth quarter. Russell Investments Group Ltd. now owns 66,988 shares of the bank valued at $4,841,000 after purchasing an additional 3,286 shares during the period. Hedge funds and other institutional investors own 80.30% of the company’s shares.
In related news, Chairman H E. Timanus, Jr. acquired 2,000 shares of the company in a transaction that took place on Thursday, May 12. The shares were purchased at an average price of $67.00 per share, with a total value of $134,000.00. Following the completion of the acquisition, the president now owns 2,000 shares of the company, valued at $134,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, director Robert H. Steelhammer sold 1,200 shares of the company in a trade dated Tuesday, June 7. The stock was sold at an average price of $72.57, for a total transaction of $87,084.00. As a result of the sale, the administrator now directly owns 135,455 shares of the company, valued at approximately $9,829,969.35. The disclosure of this sale can be found here. 4.22% of the shares are currently held by insiders.
A number of research analysts have commented on PB shares. Wolfe Research lowered its price target on Prosperity Bancshares shares from $69.00 to $63.00 and gave the stock an “underperform” rating in a Thursday, May 26 research note. Truist Financial lowered its price target on Prosperity Bancshares shares from $78.00 to $77.00 and set a “buy” rating on the stock in a Wednesday June 15 research note. Piper Sandler lowered her price target on shares of Prosperity Bancshares to $78.00 in a Monday, July 4, research note. Finally, StockNews.com downgraded shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a Thursday, June 2 research note. Two research analysts rated the stock with a sell rating, two assigned a hold rating and one issued a buy rating for the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $77.80.
Shares of Prosperity Bancshares opened at $68.76 on Friday. Prosperity Bancshares, Inc. has a 52 week low of $64.40 and a 52 week high of $80.46. The company’s 50-day simple moving average is $69.44 and its 200-day simple moving average is $71.21. The company has a market capitalization of $6.34 billion, a price-to-earnings ratio of 12.48, a growth price-to-earnings ratio of 1.21 and a beta of 1.05.
Prosperity Bancshares (NYSE:PB – Get Rating) last released its quarterly results on Wednesday April 27. The bank reported earnings per share (EPS) of $1.33 for the quarter, beating analyst consensus estimates of $1.29 by $0.04. Prosperity Bancshares had a net margin of 43.64% and a return on equity of 7.95%. The company posted revenue of $275.07 million for the quarter, versus analyst estimates of $273.00 million. In the same period a year earlier, the company posted earnings per share of $1.44. Equity analysts expect Prosperity Bancshares, Inc. to post an EPS of 5.72 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1. Investors of record on Wednesday, June 15 received a dividend of $0.52 per share. This represents a dividend of $2.08 on an annualized basis and a yield of 3.03%. The ex-dividend date was Tuesday, June 14. Prosperity Bancshares’ dividend payout ratio is currently 37.75%.
Prosperity Bancshares Company Profile (Get an evaluation)
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.
Want to see which other hedge funds hold PBs? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Prosperity Bancshares, Inc. (NYSE:PB – Get Rating).
Receive daily news and reviews for Prosperity Bancshares – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings for Prosperity Bancshares and related companies with MarketBeat.com’s FREE daily newsletter.