Pacer Advisors Inc. Increases Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Pacer Advisors Inc. grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,419 shares of the bank’s stock after purchasing an additional 455 shares during the quarter. Pacer Advisors Inc.’s holdings in Prosperity Bancshares were worth $882,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PB. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of Prosperity Bancshares by 0.3% during the first quarter. New York State Teachers Retirement System now owns 117,516 shares of the bank’s stock worth $7,730,000 after purchasing an additional 300 shares during the period. Retirement Systems of Alabama grew its stake in shares of Prosperity Bancshares by 0.3% in the first quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after purchasing an additional 319 shares during the last quarter. Inspire Investing LLC increased its holdings in Prosperity Bancshares by 6.1% during the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock valued at $351,000 after purchasing an additional 328 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in Prosperity Bancshares by 47.6% in the 2nd quarter. Fifth Third Bancorp now owns 1,030 shares of the bank’s stock worth $63,000 after buying an additional 332 shares during the period. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $70.80 on Friday. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.47 and a beta of 0.90. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.87. The company’s 50-day moving average is $71.68 and its 200 day moving average is $65.41.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million for the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter in the prior year, the company posted $1.21 earnings per share. As a group, research analysts predict that Prosperity Bancshares, Inc. will post 5.06 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th 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 3.16%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 51.61%.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Compass Point upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, June 26th. Finally, Truist Financial cut Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price target for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.58.

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.