Jupiter Asset Management Ltd. Reduces Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Jupiter Asset Management Ltd. trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 90.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,393 shares of the bank’s stock after selling 376,552 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Prosperity Bancshares were worth $2,484,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Zions Bancorporation N.A. purchased a new stake in Prosperity Bancshares in the 4th quarter valued at $30,000. Covestor Ltd lifted its stake in shares of Prosperity Bancshares by 83.6% in the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after purchasing an additional 315 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its stake in shares of Prosperity Bancshares by 73.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after purchasing an additional 300 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Prosperity Bancshares by 78.5% in the 4th quarter. Quadrant Capital Group LLC now owns 780 shares of the bank’s stock valued at $57,000 after purchasing an additional 343 shares during the last quarter. Finally, Motco acquired a new position in shares of Prosperity Bancshares in the 4th quarter valued at $78,000. 77.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PB has been the topic of several recent analyst reports. Raymond James upped their price target on Prosperity Bancshares from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Truist Financial decreased their target price on Prosperity Bancshares from $71.00 to $64.00 in a research note on Thursday, June 29th. Wedbush reissued a “neutral” rating and set a $64.00 target price on shares of Prosperity Bancshares in a research note on Thursday, July 27th. StockNews.com raised Prosperity Bancshares to a “sell” rating in a research note on Tuesday, June 6th. Finally, Wolfe Research raised Prosperity Bancshares from an “underperform” rating to an “outperform” rating and set a $68.00 price target on the stock in a research report on Wednesday, May 3rd. 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’s stock. Based on data from MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and a consensus price target of $71.00.

Get Our Latest Stock Analysis on PB

Prosperity Bancshares Stock Performance

PB opened at $57.01 on Friday. The business’s 50-day simple moving average is $59.32 and its 200-day simple moving average is $63.02. The company has a market cap of $5.34 billion, a P/E ratio of 10.74, a PEG ratio of 1.12 and a beta of 0.95. Prosperity Bancshares, Inc. has a one year low of $54.45 and a one year high of $78.76.

Prosperity Bancshares (NYSE:PB – Get Free Report) last released its quarterly earnings results on Wednesday, July 26th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. The firm had revenue of $276.15 million for the quarter, compared to the consensus estimate of $281.98 million. Prosperity Bancshares had a return on equity of 7.55% and a net margin of 34.03%. As a group, analysts predict that Prosperity Bancshares, Inc. will post 5.02 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders 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 dividend 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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