NBC Securities Inc. Purchases 1,594 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

NBC Securities Inc. increased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 36.1% in the third quarter, Holdings Channel.com reports. The firm owned 6,004 shares of the bank’s stock after acquiring an additional 1,594 shares during the period. NBC Securities Inc.’s holdings in Prosperity Bancshares were worth $432,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position 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 during the last quarter. PNC Financial Services Group Inc. increased its holdings in Prosperity Bancshares by 10.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock valued at $261,000 after purchasing an additional 355 shares during the last quarter. CWM LLC increased its holdings in Prosperity Bancshares by 33.8% in the first quarter. CWM LLC now owns 6,496 shares of the bank’s stock valued at $427,000 after purchasing an additional 1,641 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, Kwmg LLC boosted its holdings in Prosperity Bancshares by 3.1% during the first quarter. Kwmg LLC now owns 82,911 shares of the bank’s stock worth $5,454,000 after buying an additional 2,501 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the company from $80.00 to $78.00 in a research note on Tuesday. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 17th. Royal Bank of Canada boosted their price target on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a report on Thursday, July 25th. Hovde Group upped their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Piper Sandler lifted their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.27.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $74.73 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $49.60 and a 52-week high of $74.96. The business’s 50 day simple moving average is $71.81 and its 200 day simple moving average is $66.20. The firm has a market cap of $7.17 billion, a PE ratio of 17.22, a P/E/G ratio of 1.49 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million for the quarter, compared to analyst estimates 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. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.03 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.10%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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.