Raymond James & Associates lifted its holdings in Prosperity Bancshares, Inc. (NYSE:PB – Free Report) by 15.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,285 shares of the bank’s stock after purchasing an additional 1,999 shares during the period. Raymond James & Associates’ holdings in Prosperity Bancshares were worth $863,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of PB. Vanguard Group Inc. lifted its position in Prosperity Bancshares by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,298,310 shares of the bank’s stock worth $620,011,000 after acquiring an additional 40,530 shares during the last quarter. BlackRock Inc. lifted its position in Prosperity Bancshares by 3.5% during the 1st quarter. BlackRock Inc. now owns 8,642,426 shares of the bank’s stock worth $531,682,000 after acquiring an additional 290,029 shares during the last quarter. State Street Corp lifted its position in Prosperity Bancshares by 9.3% during the 1st quarter. State Street Corp now owns 7,970,933 shares of the bank’s stock worth $494,608,000 after acquiring an additional 678,843 shares during the last quarter. Victory Capital Management Inc. lifted its position in Prosperity Bancshares by 1.0% during 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 last quarter. Finally, Brown Advisory Inc. lifted its position in Prosperity Bancshares by 0.5% during the 1st quarter. Brown Advisory Inc. now owns 2,574,157 shares of the bank’s stock worth $158,362,000 after acquiring an additional 13,890 shares during the last quarter. Institutional investors and hedge funds own 81.70% of the company’s stock.
Prosperity Bancshares Stock Up 2.7 %
NYSE PB opened at $57.95 on Friday. The stock has a market cap of $5.43 billion, a P/E ratio of 11.54, a PEG ratio of 1.13 and a beta of 0.95. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $78.76. The company’s 50-day simple moving average is $54.53 and its 200 day simple moving average is $57.71.
Prosperity Bancshares Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.87%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Thursday, December 14th. Prosperity Bancshares’s dividend payout ratio is currently 44.62%.
Analysts Set New Price Targets
PB has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $60.00 to $57.00 and set an “underweight” rating on the stock in a report on Wednesday, September 27th. StockNews.com upgraded shares of Prosperity Bancshares to a “sell” rating in a report on Thursday. Stephens dropped their price objective on shares of Prosperity Bancshares from $64.00 to $61.00 and set an “equal weight” rating on the stock in a report on Thursday, October 26th. Royal Bank of Canada dropped their price objective on shares of Prosperity Bancshares from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, October 26th. Finally, Hovde Group upgraded shares of Prosperity Bancshares from a “market perform” rating to an “outperform” rating and set a $66.50 price objective on the stock in a report on Monday, September 18th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.63.
Prosperity Bancshares 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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