Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by Federated Hermes Inc.

Federated Hermes Inc. raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 9.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 66,059 shares of the bank’s stock after purchasing an additional 5,920 shares during the quarter. Federated Hermes Inc. owned 0.07% of Prosperity Bancshares worth $4,039,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of 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 purchasing an additional 177 shares during the last quarter. Quest Partners LLC raised 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. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $43,000. Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $46,000. Finally, Parallel Advisors LLC boosted its stake in shares of Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after buying an additional 652 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

NYSE PB opened at $72.85 on Thursday. The stock’s 50 day simple moving average is $70.93 and its 200-day simple moving average is $64.98. The company has a market cap of $6.99 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87.

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

Prosperity Bancshares Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.07%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PB shares. DA Davidson boosted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Raymond James cut 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. Compass Point raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $75.00 to $86.00 in a research report on Monday, August 5th. Finally, Truist Financial raised their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $76.04.

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.