Charles Schwab Investment Management Inc. Increases Position in Prosperity Bancshares, Inc. (NYSE:PB)

Charles Schwab Investment Management Inc. lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 1.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 976,173 shares of the bank’s stock after buying an additional 11,205 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.04% of Prosperity Bancshares worth $60,054,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PB. Vanguard Group Inc. grew its stake in Prosperity Bancshares by 0.4% during the third quarter. Vanguard Group Inc. now owns 9,298,310 shares of the bank’s stock valued at $620,011,000 after acquiring an additional 40,530 shares in the last quarter. BlackRock Inc. grew its position in shares of Prosperity Bancshares by 3.1% during the first quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock valued at $569,805,000 after purchasing an additional 244,440 shares in the last quarter. State Street Corp increased its holdings in shares of Prosperity Bancshares by 13.0% in the first quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock worth $539,069,000 after purchasing an additional 890,236 shares during the last quarter. Victory Capital Management Inc. lifted its position 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 buying an additional 56,920 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Prosperity Bancshares by 2.7% during the fourth quarter. American Century Companies Inc. now owns 2,674,487 shares of the bank’s stock valued at $194,382,000 after buying an additional 69,878 shares during the last quarter. Hedge funds and other institutional investors own 81.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Stephens lifted their price objective on Prosperity Bancshares from $63.00 to $67.00 in a research note on Thursday, July 27th. Raymond James boosted their price target on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Wedbush reissued a “neutral” rating and issued a $64.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, July 27th. Piper Sandler upped their target price on shares of Prosperity Bancshares from $72.00 to $74.00 in a research report on Thursday, July 27th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $60.00 price target on shares of Prosperity Bancshares in a research report on Monday, July 31st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.00.

Read Our Latest Analysis on PB

Prosperity Bancshares Trading Down 2.4 %

Shares of PB opened at $57.00 on Wednesday. The firm has a fifty day moving average price of $58.92 and a 200-day moving average price of $61.05. The firm has a market capitalization of $5.34 billion, a P/E ratio of 10.73, a P/E/G ratio of 1.16 and a beta of 0.96. 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 released its quarterly earnings data on Wednesday, July 26th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. The company had revenue of $276.15 million during the quarter, compared to analysts’ expectations of $281.98 million. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. Analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.55 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.20 annualized dividend and a yield of 3.86%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.43%.

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.

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