Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by Creative Planning

Creative Planning boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 17.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,909 shares of the bank’s stock after acquiring an additional 574 shares during the quarter. Creative Planning’s holdings in Prosperity Bancshares were worth $282,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PB. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quarry LP boosted its holdings in Prosperity Bancshares by 533.3% in the second quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the period. Quest Partners LLC boosted its holdings in Prosperity Bancshares by 3,147.1% in the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new position in Prosperity Bancshares in the second quarter valued at $43,000. Finally, Headlands Technologies LLC purchased a new position in Prosperity Bancshares in the second quarter valued at $46,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wedbush reiterated an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Barclays lifted their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Stock Performance

PB opened at $80.09 on Friday. The business’s 50-day simple moving average is $72.83 and its 200-day simple moving average is $67.69. Prosperity Bancshares, Inc. has a one year low of $54.38 and a one year high of $81.11. The stock has a market capitalization of $7.63 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.21 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is 47.56%.

Prosperity Bancshares Company 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; 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.