Fisher Asset Management LLC Has $17.82 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Fisher Asset Management LLC reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 25.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 263,154 shares of the bank’s stock after selling 90,398 shares during the quarter. Fisher Asset Management LLC owned 0.28% of Prosperity Bancshares worth $17,823,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PB. Raymond James & Associates boosted its stake in shares of Prosperity Bancshares by 10.7% during the 3rd quarter. Raymond James & Associates now owns 16,927 shares of the bank’s stock valued at $924,000 after buying an additional 1,642 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Prosperity Bancshares by 2.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 53,842 shares of the bank’s stock worth $2,939,000 after purchasing an additional 1,121 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Prosperity Bancshares by 25.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,655 shares of the bank’s stock worth $800,000 after purchasing an additional 3,013 shares in the last quarter. North Star Asset Management Inc. raised its stake in shares of Prosperity Bancshares by 3.0% during the 3rd quarter. North Star Asset Management Inc. now owns 210,280 shares of the bank’s stock worth $11,477,000 after purchasing an additional 6,130 shares in the last quarter. Finally, Cambiar Investors LLC lifted its holdings in shares of Prosperity Bancshares by 12.1% during the 3rd quarter. Cambiar Investors LLC now owns 34,351 shares of the bank’s stock valued at $1,875,000 after buying an additional 3,700 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PB shares. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Truist Financial reissued a “buy” rating and issued a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Barclays started coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective on the stock. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target for the company in a research note on Wednesday, February 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and an average target price of $68.86.

Prosperity Bancshares Trading Up 0.9 %

Shares of PB stock opened at $63.07 on Monday. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88. The firm’s 50 day moving average is $62.53 and its 200-day moving average is $62.17. The firm has a market capitalization of $5.90 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.03. The firm had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same quarter in the prior year, the business earned $1.37 EPS. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.55%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

About Prosperity Bancshares

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.