MQS Management LLC Takes $288,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

MQS Management LLC acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,712 shares of the bank’s stock, valued at approximately $288,000.

Several other large investors have also recently added to or reduced their stakes in PB. Vanguard Group Inc. grew its holdings in shares of Prosperity Bancshares by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock valued at $656,512,000 after acquiring an additional 53,844 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Prosperity Bancshares by 3.0% during 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 in the last quarter. Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Norges Bank purchased a new position in Prosperity Bancshares in the fourth quarter valued at about $64,749,000. Finally, Bank of New York Mellon Corp increased its position in Prosperity Bancshares by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after purchasing an additional 19,224 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PB shares. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Compass Point increased their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Finally, Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the company from $81.00 to $79.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.88.

Prosperity Bancshares Stock Down 2.2 %

Shares of NYSE:PB opened at $72.60 on Friday. The company has a market cap of $6.92 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.50 and a beta of 0.90. The business has a 50 day moving average price of $71.31 and a 200 day moving average price of $65.12. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $74.87.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. The company 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 business earned $1.21 earnings per share. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business 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 $0.56 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.09%. Prosperity Bancshares’s dividend 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.