ProShare Advisors LLC Increases Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

ProShare Advisors LLC increased its position in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 4.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 474,088 shares of the bank’s stock after acquiring an additional 18,047 shares during the period. ProShare Advisors LLC owned about 0.50% of Prosperity Bancshares worth $29,166,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Zions Bancorporation N.A. purchased a new stake in Prosperity Bancshares during the 4th quarter valued at $30,000. Covestor Ltd raised its stake in Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock valued at $48,000 after buying an additional 315 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Prosperity Bancshares by 73.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after buying an additional 300 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Prosperity Bancshares by 78.5% during the 4th quarter. Quadrant Capital Group LLC now owns 780 shares of the bank’s stock valued at $57,000 after buying an additional 343 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of Prosperity Bancshares during the 1st quarter valued at $56,000. 81.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PB shares. Raymond James boosted their price objective on shares of Prosperity Bancshares from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. Stephens boosted their price objective on shares of Prosperity Bancshares from $63.00 to $67.00 in a research report on Thursday, July 27th. Morgan Stanley reissued an “underweight” rating and set a $60.00 price objective on shares of Prosperity Bancshares in a research report on Monday, July 31st. Wedbush reaffirmed a “neutral” rating and issued a $64.00 target price on shares of Prosperity Bancshares in a report on Thursday, July 27th. Finally, Truist Financial dropped their target price on shares of Prosperity Bancshares from $71.00 to $64.00 in a report on Thursday, June 29th. 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. According to MarketBeat, Prosperity Bancshares has a consensus rating of “Hold” and an average price target of $71.00.

Get Our Latest Research Report on PB

Prosperity Bancshares Stock Up 1.7 %

PB opened at $56.87 on Friday. The firm has a 50-day simple moving average of $58.84 and a two-hundred day simple moving average of $60.35. Prosperity Bancshares, Inc. has a 52 week low of $54.45 and a 52 week high of $78.76. The company has a market capitalization of $5.33 billion, a PE ratio of 10.71, a price-to-earnings-growth ratio of 1.10 and a beta of 0.96.

Prosperity Bancshares (NYSE:PB – Get Free Report) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.19 by $0.02. Prosperity Bancshares had a net margin of 34.03% and a return on equity of 7.55%. The business had revenue of $276.15 million during the quarter, compared to the consensus estimate of $281.98 million. As a group, sell-side analysts expect 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. Shareholders of record on Friday, September 15th will be issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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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