Hodges Capital Management Inc. Reduces Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Hodges Capital Management Inc. cut its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 25.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 104,084 shares of the bank’s stock after selling 34,843 shares during the quarter. Hodges Capital Management Inc.’s holdings in Prosperity Bancshares were worth $6,846,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PB. UBS Group AG grew its holdings in Prosperity Bancshares by 82.8% during the 3rd quarter. UBS Group AG now owns 84,997 shares of the bank’s stock valued at $4,639,000 after buying an additional 38,506 shares in the last quarter. Hsbc Holdings PLC bought a new stake in Prosperity Bancshares during the 3rd quarter worth approximately $903,000. Stifel Financial Corp lifted its stake in Prosperity Bancshares by 1.4% in the 3rd quarter. Stifel Financial Corp now owns 83,649 shares of the bank’s stock worth $4,566,000 after purchasing an additional 1,146 shares in the last quarter. Natixis Advisors L.P. boosted its holdings in Prosperity Bancshares by 64.1% in the 3rd quarter. Natixis Advisors L.P. now owns 44,415 shares of the bank’s stock valued at $2,424,000 after purchasing an additional 17,351 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in shares of Prosperity Bancshares by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock worth $2,088,000 after purchasing an additional 200 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PB has been the subject of several research analyst reports. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday. Barclays initiated coverage on Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Finally, Truist Financial reiterated a “buy” rating and set a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.86.

Prosperity Bancshares Trading Up 1.5 %

Shares of PB stock traded up $0.91 during trading hours on Friday, hitting $61.14. 874,337 shares of the company’s stock were exchanged, compared to its average volume of 554,351. The company has a market capitalization of $5.87 billion, a PE ratio of 14.09, a PEG ratio of 1.29 and a beta of 0.90. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $68.88. The business’s 50 day simple moving average is $61.54 and its 200-day simple moving average is $63.12.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The company had revenue of $420.78 million for the quarter, compared to analysts’ expectations of $274.88 million. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. During the same quarter last year, the company earned $1.37 EPS. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.66%. Prosperity Bancshares’s payout ratio is 51.61%.

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.