Raymond James & Associates Increases Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Raymond James & Associates boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 12.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,115 shares of the bank’s stock after purchasing an additional 2,188 shares during the period. Raymond James & Associates’ holdings in Prosperity Bancshares were worth $1,295,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Prosperity Bancshares by 0.4% during the 3rd 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. State Street Corp increased its holdings in Prosperity Bancshares by 11.5% during the 2nd quarter. State Street Corp now owns 8,888,314 shares of the bank’s stock valued at $506,826,000 after purchasing an additional 917,381 shares during the period. BlackRock Inc. increased its holdings in Prosperity Bancshares by 3.5% during the 1st quarter. BlackRock Inc. now owns 8,642,426 shares of the bank’s stock valued at $531,682,000 after purchasing an additional 290,029 shares during the period. Morgan Stanley increased its holdings in Prosperity Bancshares by 325.4% during the 4th quarter. Morgan Stanley now owns 2,390,076 shares of the bank’s stock valued at $173,711,000 after purchasing an additional 1,828,204 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Prosperity Bancshares by 11.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after purchasing an additional 227,725 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on PB shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research report on Wednesday, February 7th. Raymond James lifted their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. Truist Financial reissued a “buy” rating and issued a $75.00 price target on shares of Prosperity Bancshares in a research report on Monday, April 1st. Finally, Barclays assumed coverage on Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given 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.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Trading Up 1.8 %

PB stock opened at $60.77 on Friday. The stock has a market capitalization of $5.68 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 1.20 and a beta of 0.93. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $68.88. The stock’s 50 day simple moving average is $62.58 and its 200 day simple moving average is $61.34.

Prosperity Bancshares (NYSE:PB) 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. The business had revenue of $413.00 million for the quarter, compared to analysts’ expectations of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period in the prior year, the firm posted $1.51 EPS. On average, research analysts predict that Prosperity Bancshares, Inc. will post 4.96 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.69%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 49.45%.

About Prosperity Bancshares

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.