Mutual of America Capital Management LLC Trims Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Mutual of America Capital Management LLC trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,927 shares of the bank’s stock after selling 915 shares during the period. Mutual of America Capital Management LLC owned about 0.06% of Prosperity Bancshares worth $3,358,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of PB. GAMMA Investing LLC increased its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares in the last quarter. New York State Teachers Retirement System increased its position in Prosperity Bancshares by 0.3% during the 1st quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after purchasing an additional 300 shares in the last quarter. Retirement Systems of Alabama raised its stake in Prosperity Bancshares by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock valued at $7,742,000 after purchasing an additional 319 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock valued at $63,000 after purchasing an additional 332 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Prosperity Bancshares by 10.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank’s stock worth $261,000 after purchasing an additional 355 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of analyst reports. DA Davidson raised their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Royal Bank of Canada raised their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Piper Sandler increased their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, Compass Point raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.88.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.35 on Tuesday. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 16.67, a PEG ratio of 1.50 and a beta of 0.90. The business has a 50-day moving average of $71.45 and a 200-day moving average of $65.19.

Prosperity Bancshares (NYSE:PB) last issued 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. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same quarter last year, the company earned $1.21 earnings per share. Research analysts expect that Prosperity Bancshares, Inc. will post 5.07 EPS 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. Investors of record on Friday, September 13th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.10%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 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.