Martingale Asset Management L P Trims Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Martingale Asset Management L P reduced its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 24.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 19,361 shares of the bank’s stock after selling 6,219 shares during the period. Martingale Asset Management L P’s holdings in Prosperity Bancshares were worth $1,191,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Prosperity Bancshares by 0.4% during the third quarter. Vanguard Group Inc. now owns 9,298,310 shares of the bank’s stock worth $620,011,000 after purchasing an additional 40,530 shares during the last quarter. BlackRock Inc. increased its stake in Prosperity Bancshares by 3.1% in the 1st quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock valued at $569,805,000 after buying an additional 244,440 shares during the period. State Street Corp raised its position in Prosperity Bancshares by 13.0% during the 1st quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock worth $539,069,000 after buying an additional 890,236 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Prosperity Bancshares by 1.0% in the 1st quarter. Victory Capital Management Inc. now owns 5,753,836 shares of the bank’s stock worth $353,976,000 after acquiring an additional 56,920 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Prosperity Bancshares by 2.7% in the fourth quarter. American Century Companies Inc. now owns 2,674,487 shares of the bank’s stock valued at $194,382,000 after acquiring an additional 69,878 shares in the last quarter. 81.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PB. Piper Sandler increased their price target on shares of Prosperity Bancshares from $72.00 to $74.00 in a report on Thursday, July 27th. Morgan Stanley reissued an “underweight” rating and issued a $60.00 price target on shares of Prosperity Bancshares in a report on Monday, July 31st. Raymond James upped their price objective on Prosperity Bancshares from $65.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Stephens increased their price objective on Prosperity Bancshares from $63.00 to $67.00 in a research report on Thursday, July 27th. Finally, Wedbush restated a “neutral” rating and set a $64.00 target price on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $71.00.

Get Our Latest Research Report on PB

Prosperity Bancshares Stock Up 2.8 %

NYSE:PB opened at $58.41 on Monday. Prosperity Bancshares, Inc. has a 52-week low of $54.45 and a 52-week high of $78.76. The stock has a fifty day simple moving average of $58.87 and a 200-day simple moving average of $61.29. The company has a market capitalization of $5.47 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.16 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its 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. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. The company had revenue of $276.15 million during the quarter, compared to analysts’ expectations of $281.98 million. As a group, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Thursday, September 14th. This represents a $2.20 annualized dividend and a dividend yield of 3.77%. Prosperity Bancshares’s dividend payout ratio is currently 41.43%.

About Prosperity Bancshares

(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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