US Bancorp DE Buys 153 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

US Bancorp DE grew its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 3.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,720 shares of the bank’s stock after purchasing an additional 153 shares during the quarter. US Bancorp DE’s holdings in Prosperity Bancshares were worth $340,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC purchased a new position in shares of Prosperity Bancshares during the first quarter worth approximately $2,343,000. Amica Mutual Insurance Co. boosted its holdings in Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after acquiring an additional 46,593 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Prosperity Bancshares by 394.8% in the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after acquiring an additional 9,148 shares in the last quarter. Thrivent Financial for Lutherans grew its position in shares of Prosperity Bancshares by 16.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares during the period. Finally, Silver Lake Advisory LLC purchased a new stake in shares of Prosperity Bancshares in the 2nd quarter worth about $611,000. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James downgraded shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Barclays upped their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, October 24th. Finally, Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $78.96.

Prosperity Bancshares Stock Up 0.9 %

Shares of NYSE:PB opened at $82.98 on Wednesday. The business has a fifty day moving average of $73.20 and a two-hundred day moving average of $67.97. The stock has a market cap of $7.90 billion, a P/E ratio of 17.62, a PEG ratio of 1.19 and a beta of 0.89. Prosperity Bancshares, Inc. has a 52-week low of $54.53 and a 52-week high of $83.50.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million during 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 period in the prior year, the business earned $1.20 EPS. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 2.80%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 47.56%.

Prosperity Bancshares 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.