Ceredex Value Advisors LLC Raises Position in Prosperity Bancshares, Inc. $PB

Ceredex Value Advisors LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 191,796 shares of the bank’s stock after purchasing an additional 3,450 shares during the period. Ceredex Value Advisors LLC owned about 0.20% of Prosperity Bancshares worth $13,472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Steph & Co. bought a new stake in shares of Prosperity Bancshares in the second quarter valued at $38,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Prosperity Bancshares during the 1st quarter worth $48,000. Employees Retirement System of Texas bought a new stake in Prosperity Bancshares in the 2nd quarter valued at about $48,000. IFP Advisors Inc lifted its holdings in Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock valued at $68,000 after purchasing an additional 901 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Prosperity Bancshares by 16.8% during the second quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock valued at $69,000 after purchasing an additional 141 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Price Performance

PB opened at $68.71 on Friday. The company has a fifty day moving average price of $65.74 and a 200-day moving average price of $68.15. The firm has a market capitalization of $6.53 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $84.77.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, October 29th. The bank reported $1.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.45. The company had revenue of $314.67 million for the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be given a dividend of $0.60 per share. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. The ex-dividend date is Monday, December 15th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. Prosperity Bancshares’s dividend payout ratio is 42.78%.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $68.65, for a total value of $41,190.00. Following the transaction, the director directly owned 44,200 shares in the company, valued at approximately $3,034,330. This represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 13,200 shares of company stock worth $872,099 over the last ninety days. 4.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PB shares. Royal Bank Of Canada reduced their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Barclays reduced their price objective on shares of Prosperity Bancshares from $85.00 to $82.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 11th. Stephens increased their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Piper Sandler cut their price target on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Finally, Citigroup reiterated a “neutral” rating and issued a $68.00 price target (down from $78.00) on shares of Prosperity Bancshares in a research report on Monday, September 15th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $80.21.

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.