Pacer Advisors Inc. Makes New $926,000 Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Pacer Advisors Inc. acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 16,400 shares of the bank’s stock, valued at approximately $926,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Ameritas Investment Partners Inc. grew its stake in shares of Prosperity Bancshares by 1.2% in the first quarter. Ameritas Investment Partners Inc. now owns 43,697 shares of the bank’s stock worth $2,688,000 after acquiring an additional 505 shares during the last quarter. Machina Capital S.A.S. purchased a new stake in shares of Prosperity Bancshares in the first quarter worth $86,000. Bessemer Group Inc. purchased a new stake in shares of Prosperity Bancshares during the first quarter valued at $207,000. North Star Asset Management Inc. boosted its position in shares of Prosperity Bancshares by 17.8% during the first quarter. North Star Asset Management Inc. now owns 185,156 shares of the bank’s stock valued at $11,391,000 after buying an additional 27,976 shares during the last quarter. Finally, Interval Partners LP purchased a new stake in shares of Prosperity Bancshares during the first quarter valued at $1,538,000. Institutional investors own 81.70% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the topic of several recent analyst reports. Stephens increased their price objective on Prosperity Bancshares from $63.00 to $67.00 in a research report on Thursday, July 27th. Wedbush reaffirmed a “neutral” rating and set a $64.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, July 27th. UBS Group initiated coverage on Prosperity Bancshares in a research report on Thursday. They set a “buy” rating and a $64.00 price objective on the stock. Truist Financial dropped their target price on Prosperity Bancshares from $70.00 to $61.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Raymond James raised their target price on Prosperity Bancshares from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $68.88.

Get Our Latest Stock Report on PB

Prosperity Bancshares Stock Up 1.8 %

NYSE PB opened at $53.83 on Friday. The stock’s 50-day moving average price is $58.07 and its 200-day moving average price is $59.25. Prosperity Bancshares, Inc. has a 52 week low of $52.62 and a 52 week high of $78.76. The company has a market capitalization of $5.04 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 1.07 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.19 by $0.02. Prosperity Bancshares had a return on equity of 7.55% and a net margin of 34.03%. The firm had revenue of $276.15 million for the quarter, compared to the consensus estimate of $281.98 million. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.03 EPS for the current year.

Prosperity Bancshares Announces Dividend

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 paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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.