Northwestern Mutual Wealth Management Co. Grows Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Northwestern Mutual Wealth Management Co. boosted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 135.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,480 shares of the bank’s stock after acquiring an additional 6,022 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Prosperity Bancshares were worth $641,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the period. Quest Partners LLC boosted its stake in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Mather Group LLC. purchased a new position in shares of Prosperity Bancshares during the 1st quarter valued at approximately $50,000. Abich Financial Wealth Management LLC boosted its stake in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after buying an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares during the 2nd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PB shares. Compass Point upped their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Barclays upped their price target on Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Royal Bank of Canada upped their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Finally, Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price target for the company from $81.00 to $79.00 in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.58.

Prosperity Bancshares Stock Performance

Shares of PB opened at $70.56 on Tuesday. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.45 and a beta of 0.89. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.87. The stock’s fifty day moving average is $71.61 and its 200-day moving average is $65.82.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million for 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 period last year, the company earned $1.21 earnings per share. Analysts forecast that Prosperity Bancshares, Inc. will post 5.04 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.56 per share. The ex-dividend date was Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.17%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

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.