Bessemer Group Inc. Invests $207,000 in Prosperity Bancshares, Inc. (NYSE:PB)

Bessemer Group Inc. purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,368 shares of the bank’s stock, valued at approximately $207,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Prosperity Bancshares by 0.7% in the 4th quarter. Principal Financial Group Inc. now owns 357,739 shares of the bank’s stock worth $26,000,000 after buying an additional 2,421 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 18.6% in the fourth quarter. Parallel Advisors LLC now owns 2,629 shares of the bank’s stock worth $191,000 after purchasing an additional 412 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Prosperity Bancshares by 1.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 20,070 shares of the bank’s stock worth $1,459,000 after purchasing an additional 287 shares during the last quarter. Machina Capital S.A.S. bought a new stake in shares of Prosperity Bancshares in the first quarter worth about $86,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Prosperity Bancshares by 1.0% in the first quarter. Victory Capital Management Inc. now owns 5,753,836 shares of the bank’s stock worth $353,976,000 after purchasing an additional 56,920 shares during the last quarter. Hedge funds and other institutional investors own 77.68% of the company’s stock.

Prosperity Bancshares Trading Up 0.3 %

Shares of PB stock opened at $56.66 on Friday. The business’s fifty day simple moving average is $58.99 and its 200-day simple moving average is $62.34. The company has a market cap of $5.31 billion, a PE ratio of 10.67, a PEG ratio of 1.13 and a beta of 0.95. Prosperity Bancshares, Inc. has a 12-month low of $54.45 and a 12-month high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. The firm had revenue of $276.15 million for the quarter, compared to analyst estimates of $281.98 million. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.02 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s payout ratio is 41.43%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “underweight” rating and issued a $60.00 target price on shares of Prosperity Bancshares in a report on Monday, July 31st. Wedbush reiterated a “neutral” rating and issued a $64.00 price target on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Truist Financial dropped their target price on Prosperity Bancshares from $71.00 to $64.00 in a research report on Thursday, June 29th. Stephens boosted their target price on Prosperity Bancshares from $63.00 to $67.00 in a research report on Thursday, July 27th. Finally, StockNews.com raised shares of Prosperity Bancshares to a “sell” rating in a research note on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $71.00.

Check Out Our Latest Analysis on PB

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.