Amalgamated Bank Buys 1,203 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Amalgamated Bank grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,665 shares of the bank’s stock after purchasing an additional 1,203 shares during the period. Amalgamated Bank owned approximately 0.06% of Prosperity Bancshares worth $3,587,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares in the last quarter. Quest Partners LLC lifted its position 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 worth $34,000 after buying an additional 535 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares in the 2nd quarter worth approximately $43,000. Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $46,000. Finally, Parallel Advisors LLC increased its position in shares of Prosperity Bancshares by 835.9% during the fourth 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. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 2.2 %

Prosperity Bancshares stock opened at $72.60 on Monday. The firm has a market capitalization of $6.92 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 1.50 and a beta of 0.90. The firm has a 50 day simple moving average of $71.31 and a 200 day simple moving average of $65.13. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) 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 period in the previous year, the company posted $1.21 EPS. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.07 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Analyst Ratings Changes

Several research analysts have weighed in on the company. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price target for the company from $81.00 to $79.00 in a research report on Friday. Piper Sandler lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. DA Davidson boosted their target price on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. One equities 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.88.

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.