Prospector Partners LLC Acquires 1,020 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Prospector Partners LLC raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 183,815 shares of the bank’s stock after purchasing an additional 1,020 shares during the quarter. Prosperity Bancshares accounts for 1.3% of Prospector Partners LLC’s investment portfolio, making the stock its 28th largest position. Prospector Partners LLC owned approximately 0.19% of Prosperity Bancshares worth $11,238,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PB. Public Employees Retirement Association of Colorado boosted its holdings in shares of Prosperity Bancshares by 359.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock worth $16,793,000 after buying an additional 193,953 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Prosperity Bancshares by 11.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after acquiring an additional 89,617 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Prosperity Bancshares during the 1st quarter valued at approximately $2,343,000. Amica Mutual Insurance Co. increased its stake in shares of Prosperity Bancshares by 41.9% during the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after purchasing an additional 46,593 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in shares of Prosperity Bancshares by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock worth $51,631,000 after purchasing an additional 101,230 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $72.60 on Friday. The firm has a fifty day moving average price of $71.31 and a two-hundred day moving average price of $65.12. The company has a market cap of $6.92 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 1.50 and a beta of 0.90. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.87.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter last year, the company earned $1.21 earnings per share. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

Analyst Ratings Changes

PB has been the subject of several research reports. DA Davidson increased their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Compass Point increased their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada boosted their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price for the company. in a research note on Tuesday, September 17th. Finally, Piper Sandler upped their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average target price of $75.88.

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.