Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 37.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 22,424 shares of the bank’s stock after buying an additional 6,161 shares during the period. Van ECK Associates Corp’s holdings in Prosperity Bancshares were worth $1,519,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PB. Retirement Systems of Alabama grew its holdings in shares of Prosperity Bancshares by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 117,373 shares of the bank’s stock valued at $7,950,000 after purchasing an additional 351 shares during the period. GAMMA Investing LLC acquired a new position in Prosperity Bancshares in the 4th quarter valued at about $38,000. National Wealth Management Group LLC purchased a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $365,000. Wedge Capital Management L L P NC increased its holdings in shares of Prosperity Bancshares by 0.5% during the 4th quarter. Wedge Capital Management L L P NC now owns 189,130 shares of the bank’s stock worth $12,810,000 after buying an additional 1,010 shares during the last quarter. Finally, North Star Asset Management Inc. increased its stake in Prosperity Bancshares by 1.3% during the fourth quarter. North Star Asset Management Inc. now owns 212,982 shares of the bank’s stock worth $14,425,000 after acquiring an additional 2,702 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 0.4 %

NYSE:PB opened at $63.49 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $49.60 and a 52-week high of $68.88. The stock’s 50 day moving average price is $62.62 and its 200 day moving average price is $62.35. The company has a market capitalization of $5.94 billion, a PE ratio of 14.63, a P/E/G ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The business had revenue of $420.78 million for the quarter, compared to analysts’ expectations of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same period in the previous year, the company posted $1.37 EPS. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Analyst Ratings Changes

PB has been the subject of a number of research analyst reports. Truist Financial reiterated a “buy” rating and set a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. Barclays assumed coverage on shares of Prosperity Bancshares in a report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 price objective on the stock. 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. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $68.86.

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.