Kwmg LLC lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 10.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 74,698 shares of the bank’s stock after purchasing an additional 6,914 shares during the period. Kwmg LLC owned about 0.08% of Prosperity Bancshares worth $4,219,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. raised its stake in Prosperity Bancshares by 1.2% during the 1st quarter. Ameritas Investment Partners Inc. now owns 43,697 shares of the bank’s stock worth $2,688,000 after acquiring an additional 505 shares in the last quarter. Principal Financial Group Inc. raised its stake in Prosperity Bancshares by 0.7% during the 4th quarter. Principal Financial Group Inc. now owns 357,739 shares of the bank’s stock worth $26,000,000 after acquiring an additional 2,421 shares in the last quarter. Machina Capital S.A.S. acquired a new stake in Prosperity Bancshares during the 1st quarter worth $86,000. Bessemer Group Inc. acquired a new stake in Prosperity Bancshares during the 1st quarter worth $207,000. Finally, North Star Asset Management Inc. raised its stake in Prosperity Bancshares by 17.8% during the 1st quarter. North Star Asset Management Inc. now owns 185,156 shares of the bank’s stock worth $11,391,000 after acquiring an additional 27,976 shares in the last quarter. 81.70% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have commented on PB. Stephens lifted their price objective on shares of Prosperity Bancshares from $63.00 to $67.00 in a research note on Thursday, July 27th. Wedbush reiterated a “neutral” rating and set a $64.00 price target on shares of Prosperity Bancshares in a research note on Thursday, July 27th. Raymond James boosted their price target on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a research note on Friday, August 25th. Finally, Piper Sandler boosted their price target on shares of Prosperity Bancshares from $72.00 to $74.00 in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Hold” and an average price target of $71.00.
Prosperity Bancshares Stock Down 0.1 %
Shares of NYSE:PB traded down $0.04 during trading on Friday, reaching $56.85. The stock had a trading volume of 1,609,791 shares, compared to its average volume of 496,408. The business has a fifty day moving average price of $58.86 and a 200-day moving average price of $60.24. The stock has a market cap of $5.33 billion, a P/E ratio of 10.70, a PEG ratio of 1.13 and a beta of 0.96. Prosperity Bancshares, Inc. has a fifty-two week low of $54.45 and a fifty-two week high of $78.76.
Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its quarterly earnings results on Wednesday, July 26th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.19 by $0.02. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. The firm had revenue of $276.15 million during the quarter, compared to analyst estimates of $281.98 million. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.
Prosperity Bancshares Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s payout ratio is currently 41.43%.
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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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