Pacer Advisors Inc. Boosts Position in Prosperity Bancshares, Inc. (NYSE:PB)

Pacer Advisors Inc. boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PBFree Report) by 79.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,086 shares of the bank’s stock after purchasing an additional 6,227 shares during the period. Pacer Advisors Inc.’s holdings in Prosperity Bancshares were worth $954,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in PB. Covestor Ltd increased its position in shares of Prosperity Bancshares by 83.6% during the 1st quarter. Covestor Ltd now owns 692 shares of the bank’s stock worth $48,000 after purchasing an additional 315 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of Prosperity Bancshares by 73.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 710 shares of the bank’s stock valued at $52,000 after acquiring an additional 300 shares during the last quarter. State of Wyoming raised its stake in shares of Prosperity Bancshares by 25.1% in the 2nd quarter. State of Wyoming now owns 891 shares of the bank’s stock valued at $50,000 after acquiring an additional 179 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Prosperity Bancshares in the 1st quarter worth approximately $56,000. Finally, Itau Unibanco Holding S.A. boosted its position in shares of Prosperity Bancshares by 357.4% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,180 shares of the bank’s stock worth $67,000 after purchasing an additional 922 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 2.3 %

Shares of NYSE:PB opened at $62.89 on Wednesday. The firm has a 50 day simple moving average of $63.21 and a 200-day simple moving average of $60.80. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $68.88. The company has a market capitalization of $5.88 billion, a PE ratio of 13.88, a P/E/G ratio of 1.30 and a beta of 0.93.

Prosperity Bancshares (NYSE:PBGet Free Report) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The company had revenue of $413.00 million during the quarter, compared to the consensus estimate of $279.34 million. During the same quarter in the prior year, the firm posted $1.51 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were paid a dividend of $0.56 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.56%. Prosperity Bancshares’s dividend payout ratio is presently 49.45%.

Analysts Set New Price Targets

A number of research firms have commented on PB. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 25th. UBS Group lifted their target price on Prosperity Bancshares from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Wednesday, December 13th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price target on the stock in a research note on Wednesday, February 7th. Raymond James raised their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Friday, January 5th. Finally, Barclays assumed coverage on shares of Prosperity Bancshares in a research note on Friday, March 8th. They set an “equal weight” rating and a $68.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.79.

Read Our Latest Stock 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; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.

See Also

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Institutional Ownership by Quarter for Prosperity Bancshares (NYSE:PB)

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