PNC Financial Services Group Inc. Has $261,000 Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

PNC Financial Services Group Inc. lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,855 shares of the bank’s stock after purchasing an additional 355 shares during the period. PNC Financial Services Group Inc.’s holdings in Prosperity Bancshares were worth $261,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Planned Solutions Inc. acquired a new position in Prosperity Bancshares in the fourth quarter valued at $37,000. GAMMA Investing LLC acquired a new position in Prosperity Bancshares in the fourth quarter valued at $38,000. Parallel Advisors LLC lifted its holdings in Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after buying an additional 652 shares during the period. Signaturefd LLC lifted its holdings in Prosperity Bancshares by 171.5% in the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after buying an additional 470 shares during the period. Finally, TFO Wealth Partners LLC lifted its holdings in Prosperity Bancshares by 25,850.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,038 shares of the bank’s stock valued at $70,000 after buying an additional 1,034 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.0 %

Shares of PB stock opened at $60.55 on Tuesday. The company has a 50 day moving average of $61.51 and a 200-day moving average of $63.06. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $68.88. The firm has a market cap of $5.81 billion, a P/E ratio of 13.95, a PEG ratio of 1.31 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results 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 company had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter last year, the business posted $1.37 EPS. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 4.99 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PB shares. Barclays started coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective on the stock. Truist Financial reiterated a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a report on Monday, April 1st. Royal Bank of Canada reiterated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th. Finally, Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $68.86.

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.