Raymond James Financial Services Advisors Inc. Acquires 6,814 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 14.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,769 shares of the bank’s stock after purchasing an additional 6,814 shares during the period. Raymond James Financial Services Advisors Inc. owned 0.06% of Prosperity Bancshares worth $3,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Zions Bancorporation N.A. bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $30,000. Covestor Ltd boosted its holdings in Prosperity Bancshares by 83.6% in the first quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after acquiring an additional 315 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Prosperity Bancshares by 73.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock worth $52,000 after acquiring an additional 300 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Prosperity Bancshares by 78.5% in the fourth quarter. Quadrant Capital Group LLC now owns 780 shares of the bank’s stock worth $57,000 after acquiring an additional 343 shares in the last quarter. Finally, MADDEN SECURITIES Corp bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $74,000. Institutional investors own 77.68% of the company’s stock.

Prosperity Bancshares Trading Up 0.2 %

Shares of PB opened at $55.77 on Friday. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 1.06 and a beta of 0.94. The stock has a 50 day moving average of $58.92 and a 200 day moving average of $65.57. Prosperity Bancshares, Inc. has a 12 month low of $54.45 and a 12 month high of $78.76.

Prosperity Bancshares (NYSE:PB – Free Report) last issued its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. The company had revenue of $365.58 million during the quarter, compared to the consensus estimate of $285.02 million. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. During the same period last year, the business posted $1.33 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.27 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend was Wednesday, June 14th. Prosperity Bancshares’s dividend payout ratio is currently 38.13%.

Insiders Place Their Bets

In other news, Director L. Jack Lord bought 5,000 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was acquired at an average cost of $62.04 per share, with a total value of $310,200.00. Following the completion of the transaction, the director now directly owns 33,125 shares of the company’s stock, valued at approximately $2,055,075. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PB. Truist Financial cut their price target on Prosperity Bancshares from $71.00 to $64.00 in a report on Thursday, June 29th. Wolfe Research upgraded Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target on the stock in a report on Wednesday, May 3rd. Raymond James dropped their target price on Prosperity Bancshares from $70.00 to $65.00 in a report on Thursday. StockNews.com upgraded Prosperity Bancshares to a “sell” rating in a report on Tuesday, June 6th. Finally, Morgan Stanley lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and raised their target price for the company from $58.00 to $60.00 in a report on Tuesday, May 16th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $72.10.

Prosperity Bancshares Company Profile

(Free Report)

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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.