Sei Investments Co. Purchases 51,979 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Sei Investments Co. raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 126.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 93,013 shares of the bank’s stock after purchasing an additional 51,979 shares during the period. Sei Investments Co.’s holdings in Prosperity Bancshares were worth $5,687,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PB. Dimensional Fund Advisors LP boosted its holdings in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after acquiring an additional 532,241 shares during the period. Schroder Investment Management Group bought a new position in shares of Prosperity Bancshares in the fourth quarter worth $32,842,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of Prosperity Bancshares by 359.3% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after acquiring an additional 193,953 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after acquiring an additional 184,453 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Prosperity Bancshares by 666,140.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 146,573 shares of the bank’s stock worth $9,642,000 after acquiring an additional 146,551 shares during the period. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Stock Up 1.8 %

NYSE PB opened at $72.07 on Tuesday. The stock’s 50-day simple moving average is $71.74 and its two-hundred day simple moving average is $65.51. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $74.87. The company has a market capitalization of $6.87 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.47 and a beta of 0.90.

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

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given 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 3.11%. Prosperity Bancshares’s payout ratio is 51.61%.

Analysts Set New Price Targets

A number of research firms have recently commented on PB. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Barclays increased their price objective on Prosperity Bancshares from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Wedbush upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.58.

About Prosperity Bancshares

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.