New England Research & Management Inc. Acquires New Position in Prosperity Bancshares, Inc. (NYSE:PB)

New England Research & Management Inc. acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,075 shares of the bank’s stock, valued at approximately $366,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PB. GAMMA Investing LLC raised 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 acquiring an additional 177 shares during the last quarter. Quarry LP raised its position in Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the last quarter. Quest Partners LLC raised its position in Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the last quarter. Strategic Financial Concepts LLC acquired a new position in Prosperity Bancshares during the second quarter worth about $43,000. Finally, Headlands Technologies LLC acquired a new position in Prosperity Bancshares during the second quarter worth about $46,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.35 during trading on Monday, reaching $70.56. The company had a trading volume of 399,578 shares, compared to its average volume of 569,021. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $74.87. The stock’s 50 day moving average price is $71.61 and its two-hundred day moving average price is $65.82. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.45 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its earnings results 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 net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same period in the previous year, the firm earned $1.21 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.04 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend 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%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PB. Compass Point lifted 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. Wedbush upgraded shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada boosted their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.58.

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.