Fisher Asset Management LLC reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 8.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 273,071 shares of the bank’s stock after selling 23,702 shares during the period. Fisher Asset Management LLC owned approximately 0.29% of Prosperity Bancshares worth $20,450,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Principal Financial Group Inc. grew its position in shares of Prosperity Bancshares by 443.8% during the 4th quarter. Principal Financial Group Inc. now owns 1,664,384 shares of the bank’s stock valued at $115,441,000 after acquiring an additional 1,358,293 shares during the period. Norges Bank acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $57,826,000. Brown Advisory Inc. grew its position in shares of Prosperity Bancshares by 29.7% during the 4th quarter. Brown Advisory Inc. now owns 1,436,188 shares of the bank’s stock valued at $99,614,000 after acquiring an additional 328,786 shares during the period. Patron Partners Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $16,552,000. Finally, Captrust Financial Advisors grew its position in shares of Prosperity Bancshares by 43,495.4% during the 4th quarter. Captrust Financial Advisors now owns 219,285 shares of the bank’s stock valued at $15,317,000 after acquiring an additional 218,782 shares during the period. 76.72% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently commented on PB shares. Bank of America cut Prosperity Bancshares from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 7th. Truist lifted their price objective on Prosperity Bancshares from $78.00 to $88.00 in a report on Monday, March 8th. Raymond James lifted their price objective on Prosperity Bancshares from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Tuesday, April 13th. Morgan Stanley lifted their price objective on Prosperity Bancshares from $79.00 to $81.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 24th. Finally, Truist Securities lifted their price objective on Prosperity Bancshares from $78.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, March 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Prosperity Bancshares presently has a consensus rating of “Hold” and a consensus target price of $72.70.
Shares of PB stock opened at $74.47 on Tuesday. Prosperity Bancshares, Inc. has a 12 month low of $48.80 and a 12 month high of $83.02. The company has a market cap of $6.92 billion, a P/E ratio of 14.29, a PEG ratio of 1.37 and a beta of 1.37. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.02. The firm has a fifty day moving average price of $76.23 and a 200 day moving average price of $69.37.
Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Tuesday, April 27th. The bank reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.06. Prosperity Bancshares had a net margin of 37.67% and a return on equity of 8.42%. During the same period in the previous year, the firm earned $1.39 earnings per share. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.4 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th will be issued a $0.49 dividend. The ex-dividend date is Monday, June 14th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.63%. Prosperity Bancshares’s payout ratio is 39.04%.
Prosperity Bancshares Profile
Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides retail and commercial banking services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts; and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural real estate, 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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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