Natixis Advisors L.P. lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 26.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,368 shares of the bank’s stock after selling 9,678 shares during the period. Natixis Advisors L.P.’s holdings in Prosperity Bancshares were worth $1,684,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings 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 valued at $620,011,000 after purchasing an additional 40,530 shares during the period. BlackRock Inc. increased its position in shares of Prosperity Bancshares by 3.1% during the first quarter. BlackRock Inc. now owns 8,212,796 shares of the bank’s stock worth $569,805,000 after acquiring an additional 244,440 shares in the last quarter. State Street Corp increased its position in shares of Prosperity Bancshares by 13.0% during the first quarter. State Street Corp now owns 7,714,622 shares of the bank’s stock worth $539,069,000 after acquiring an additional 890,236 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Prosperity Bancshares by 1.0% during the first 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 in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Prosperity Bancshares by 2.7% during the fourth quarter. American Century Companies Inc. now owns 2,674,487 shares of the bank’s stock worth $194,382,000 after acquiring an additional 69,878 shares in the last quarter. Institutional investors and hedge funds own 81.70% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on PB shares. Stephens boosted their target price on shares of Prosperity Bancshares from $63.00 to $67.00 in a research report on Thursday, July 27th. Piper Sandler boosted their target price on shares of Prosperity Bancshares from $72.00 to $74.00 in a research report on Thursday, July 27th. Wedbush reissued a “neutral” rating and set a $64.00 target price on shares of Prosperity Bancshares in a research report on Thursday, July 27th. Truist Financial decreased their target price on shares of Prosperity Bancshares from $71.00 to $64.00 in a research report on Thursday, June 29th. Finally, Morgan Stanley reissued an “underweight” rating and set a $60.00 target price on shares of Prosperity Bancshares in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares has an average rating of “Hold” and an average price target of $71.00.
Prosperity Bancshares Stock Up 2.8 %
Prosperity Bancshares stock opened at $58.41 on Monday. Prosperity Bancshares, Inc. has a twelve month low of $54.45 and a twelve month high of $78.76. The firm has a 50 day moving average price of $58.87 and a 200-day moving average price of $61.29. The company has a market capitalization of $5.47 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.16 and a beta of 0.96.
Prosperity Bancshares (NYSE:PB – Get Free Report) last released its earnings results on Wednesday, July 26th. The bank reported $1.21 earnings per share for the quarter, beating 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 firm had revenue of $276.15 million during the quarter, compared to the consensus estimate of $281.98 million. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS 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. Stockholders of record on Friday, September 15th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Thursday, September 14th. Prosperity Bancshares’s dividend payout ratio is currently 41.43%.
Prosperity Bancshares Company Profile
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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