Interval Partners LP Increases Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Interval Partners LP increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 5.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 125,407 shares of the bank’s stock after purchasing an additional 7,039 shares during the quarter. Interval Partners LP owned 0.13% of Prosperity Bancshares worth $7,667,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of PB. GAMMA Investing LLC lifted its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter worth approximately $43,000. Headlands Technologies LLC purchased a new position in Prosperity Bancshares during the 2nd quarter valued at $46,000. Finally, Parallel Advisors LLC grew its position in Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.60 on Monday. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87. The business has a fifty day moving average price of $71.31 and a 200 day moving average price of $65.13. The stock has a market capitalization of $6.92 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90.

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

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.09%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Hovde Group lifted their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a report on Monday, August 26th. Compass Point upped their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Finally, StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $75.88.

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; 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.