SG Americas Securities LLC Grows Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

SG Americas Securities LLC boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 83.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,525 shares of the bank’s stock after purchasing an additional 10,266 shares during the quarter. SG Americas Securities LLC’s holdings in Prosperity Bancshares were worth $1,272,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Advisor Group Holdings Inc. increased its stake in shares of Prosperity Bancshares by 3.1% during the first quarter. Advisor Group Holdings Inc. now owns 5,935 shares of the bank’s stock worth $411,000 after buying an additional 181 shares during the period. HighTower Advisors LLC lifted its position in shares of Prosperity Bancshares by 12.1% during the 1st quarter. HighTower Advisors LLC now owns 19,485 shares of the bank’s stock worth $1,353,000 after purchasing an additional 2,102 shares during the last quarter. Panagora Asset Management Inc. acquired a new position in shares of Prosperity Bancshares during the first quarter worth $274,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Prosperity Bancshares by 10.5% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 33,779 shares of the bank’s stock valued at $2,344,000 after buying an additional 3,222 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Prosperity Bancshares by 3.1% in the first 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 in the last quarter. Institutional investors and hedge funds own 81.70% of the company’s stock.

Prosperity Bancshares Stock Down 1.5 %

NYSE PB opened at $53.78 on Friday. The firm has a market cap of $5.04 billion, a P/E ratio of 10.13, a P/E/G ratio of 1.09 and a beta of 0.96. Prosperity Bancshares, Inc. has a 52-week low of $53.73 and a 52-week high of $78.76. The business’s 50-day moving average price is $58.67 and its 200 day moving average price is $59.57.

Prosperity Bancshares (NYSE:PB – Get Free Report) last announced its earnings results on Wednesday, July 26th. The bank reported $1.21 earnings per share for the quarter, beating 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 company had revenue of $276.15 million for the quarter, compared to the consensus estimate of $281.98 million. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend 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%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PB. Stephens upped their price objective on Prosperity Bancshares from $63.00 to $67.00 in a research report on Thursday, July 27th. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a research note on Friday, August 25th. Piper Sandler boosted their price objective on shares of Prosperity Bancshares from $72.00 to $74.00 in a research report on Thursday, July 27th. Raymond James increased their target price 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. Finally, Wedbush reissued a “neutral” rating and issued a $64.00 price target on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $69.86.

Check Out Our Latest Research Report on PB

Prosperity Bancshares 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.