Prospector Partners LLC Purchases 1,020 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Prospector Partners LLC lifted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% in the second quarter, Holdings Channel.com reports. The firm owned 183,815 shares of the bank’s stock after purchasing an additional 1,020 shares during the quarter. Prosperity Bancshares makes up 1.3% of Prospector Partners LLC’s holdings, making the stock its 28th biggest holding. Prospector Partners LLC’s holdings in Prosperity Bancshares were worth $11,238,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares in the last quarter. Quest Partners LLC boosted its stake in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares in the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $43,000. Headlands Technologies LLC purchased a new position in Prosperity Bancshares in the 2nd quarter worth $46,000. Finally, Parallel Advisors LLC lifted its stake in Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Trading Down 2.2 %

Shares of Prosperity Bancshares stock opened at $72.60 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $74.87. The company has a market cap of $6.92 billion, a P/E ratio of 16.73, a PEG ratio of 1.50 and a beta of 0.90. The company’s fifty day simple moving average is $71.31 and its two-hundred day simple moving average is $65.12.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter in the previous year, the company earned $1.21 earnings per share. Analysts predict that Prosperity Bancshares, Inc. will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Analysts Set New Price Targets

PB has been the topic of a number of recent research reports. Compass Point raised their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their target price for the stock from $81.00 to $79.00 in a report on Friday. Finally, Royal Bank of Canada lifted their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.88.

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.