Evergreen Capital Management LLC Buys Shares of 3,384 Prosperity Bancshares, Inc. (NYSE:PB)

Evergreen Capital Management LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,384 shares of the bank’s stock, valued at approximately $209,000.

Several other large investors have also bought and sold shares of the business. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the period. Quest Partners LLC grew its stake in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after purchasing an additional 535 shares during the period. Parallel Advisors LLC increased its holdings in Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after purchasing an additional 652 shares during the last quarter. Mather Group LLC. acquired a new position in Prosperity Bancshares in the first quarter valued at about $50,000. Finally, Abich Financial Wealth Management LLC boosted its holdings in Prosperity Bancshares by 12,433.3% during the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after buying an additional 746 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PB. Hovde Group upped their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. Barclays upped their target price on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.58.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $70.80 on Friday. The company’s 50-day moving average price is $71.68 and its two-hundred day moving average price is $65.41. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.87. The stock has a market capitalization of $6.74 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the prior year, the firm posted $1.21 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.06 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.16%. Prosperity Bancshares’s payout ratio is 51.61%.

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.