Massachusetts Financial Services Co. MA Has $142.21 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Massachusetts Financial Services Co. MA decreased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,325,953 shares of the bank’s stock after selling 65,229 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.42% of Prosperity Bancshares worth $142,209,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC increased its position in Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares in the last quarter. Albert D Mason Inc. raised its position in shares of Prosperity Bancshares by 1.3% during the first quarter. Albert D Mason Inc. now owns 19,398 shares of the bank’s stock worth $1,276,000 after purchasing an additional 252 shares during the period. Quadrant Capital Group LLC raised its position in shares of Prosperity Bancshares by 31.8% during the fourth quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock worth $76,000 after purchasing an additional 270 shares during the period. New York State Teachers Retirement System lifted its holdings in shares of Prosperity Bancshares by 0.3% in 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. Finally, Retirement Systems of Alabama grew its position 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 period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $72.85 on Thursday. The firm has a market cap of $6.99 billion, a PE ratio of 16.79, a P/E/G 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. The stock has a fifty day moving average price of $70.93 and a 200-day moving average price of $64.98.

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

Prosperity Bancshares Dividend Announcement

The company 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 $0.56 dividend. 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 payout ratio is 51.61%.

Analyst Ratings Changes

PB has been the topic of several research reports. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday. DA Davidson lifted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Hovde Group lifted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Compass Point increased 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $76.04.

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.