Headlands Technologies LLC Makes New Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 759 shares of the bank’s stock, valued at approximately $46,000.

Other large investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the period. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Parallel Advisors LLC raised its holdings in Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares during the period. Mather Group LLC. acquired a new stake in Prosperity Bancshares during the first quarter worth approximately $50,000. Finally, Abich Financial Wealth Management LLC boosted its holdings in shares of 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 acquiring an additional 746 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PB. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Hovde Group lifted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Truist Financial lifted their price objective on shares of Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

Prosperity Bancshares Stock Performance

PB opened at $72.97 on Wednesday. The company has a market cap of $6.95 billion, a P/E ratio of 16.81, a PEG ratio of 1.47 and a beta of 0.90. The company’s 50 day moving average is $70.46 and its 200-day moving average is $64.85. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.68.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same quarter in the previous year, the firm posted $1.21 earnings per share. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.07 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.07%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Prosperity Bancshares 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.