Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 13.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 536,904 shares of the bank’s stock after purchasing an additional 62,816 shares during the period. ProShare Advisors LLC owned about 0.57% of Prosperity Bancshares worth $30,324,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PB. Carlson Capital L P raised its stake in shares of Prosperity Bancshares by 15.6% in the second quarter. Carlson Capital L P now owns 195,159 shares of the bank’s stock valued at $11,023,000 after acquiring an additional 26,274 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at about $1,376,000. Commonwealth Equity Services LLC raised its position in Prosperity Bancshares by 8.8% in the 2nd quarter. Commonwealth Equity Services LLC now owns 5,088 shares of the bank’s stock valued at $287,000 after purchasing an additional 413 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Prosperity Bancshares by 44.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 60,962 shares of the bank’s stock valued at $3,444,000 after buying an additional 18,754 shares during the period. Finally, Jupiter Asset Management Ltd. grew its position in shares of Prosperity Bancshares by 325.6% during the second quarter. Jupiter Asset Management Ltd. now owns 171,918 shares of the bank’s stock worth $9,708,000 after buying an additional 131,525 shares in the last quarter. Institutional investors and hedge funds own 81.70% of the company’s stock.

Prosperity Bancshares Stock Down 0.3 %

NYSE:PB opened at $59.72 on Tuesday. Prosperity Bancshares, Inc. has a 52-week low of $49.60 and a 52-week high of $78.76. The stock’s 50 day moving average price is $54.60 and its 200 day moving average price is $57.45. The company has a market capitalization of $5.60 billion, a PE ratio of 11.90, a P/E/G ratio of 1.18 and a beta of 0.95.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 25th. The bank reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.04. Prosperity Bancshares had a net margin of 30.16% and a return on equity of 7.09%. The business had revenue of $419.10 million for the quarter, compared to analyst estimates of $278.16 million. During the same period last year, the firm posted $1.49 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.55. This represents a $2.24 dividend on an annualized basis and a yield of 3.75%. Prosperity Bancshares’s payout ratio is currently 44.62%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a research note on Thursday, November 2nd. Raymond James lowered their target price on shares of Prosperity Bancshares from $68.00 to $65.00 and set a “strong-buy” rating for the company in a research note on Thursday, October 26th. UBS Group initiated coverage on Prosperity Bancshares in a report on Thursday, September 28th. They issued a “buy” rating and a $64.00 target price on the stock. Wedbush decreased their price target on Prosperity Bancshares from $58.00 to $55.00 and set a “neutral” rating for the company in a report on Thursday, October 26th. Finally, Piper Sandler increased their price objective on Prosperity Bancshares from $72.00 to $74.00 in a report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $65.63.

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.