Ameritas Advisory Services LLC Takes $169,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

Ameritas Advisory Services LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,747 shares of the bank’s stock, valued at approximately $169,000.

Other 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 fourth quarter valued at approximately $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, Motco bought a new stake in Prosperity Bancshares in the fourth quarter worth $78,000. 77.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at Prosperity Bancshares

In other news, Director L. Jack Lord purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was bought at an average cost of $62.04 per share, with a total value of $310,200.00. Following the completion of the purchase, the director now owns 33,125 shares in the company, valued at $2,055,075. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $62.20 on Tuesday. The stock has a market cap of $5.86 billion, a PE ratio of 10.78, a price-to-earnings-growth ratio of 1.19 and a beta of 0.94. Prosperity Bancshares, Inc. has a one year low of $54.45 and a one year high of $78.76. The stock has a fifty day moving average of $58.83 and a 200 day moving average of $64.53.

Prosperity Bancshares (NYSE:PB – Get Free Report) last issued its quarterly earnings results on Wednesday, April 26th. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.04. The business had revenue of $365.58 million during the quarter, compared to analysts’ expectations of $285.02 million. Prosperity Bancshares had a return on equity of 7.93% and a net margin of 39.87%. During the same quarter in the prior year, the business posted $1.33 earnings per share. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.14 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 38.13%.

Prosperity Bancshares 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.

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