Ceredex Value Advisors LLC Grows Position in Prosperity Bancshares, Inc. (NYSE:PB)

Ceredex Value Advisors LLC raised its position in Prosperity Bancshares, Inc. (NYSE:PB) by 2.4% in the second quarter, Holdings Channel reports. The fund owned 218,446 shares of the bank’s stock after buying an additional 5,100 shares during the period. Ceredex Value Advisors LLC’s holdings in Prosperity Bancshares were worth $13,473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Prosperity Bancshares by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after acquiring an additional 177 shares during the last quarter. Parallel Advisors LLC raised its holdings in Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares in the last quarter. Abich Financial Wealth Management LLC lifted its position in shares of Prosperity Bancshares by 12,433.3% during the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock worth $49,000 after buying an additional 746 shares during the last quarter. Signaturefd LLC lifted its position in shares of Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after buying an additional 470 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at $50,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Trading Up 2.9 %

Shares of Prosperity Bancshares stock traded up $2.04 during trading hours on Friday, hitting $73.32. 662,005 shares of the company were exchanged, compared to its average volume of 580,183. The business has a 50-day moving average of $66.31 and a 200-day moving average of $63.74. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $74.67. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 1.46 and a beta of 0.91.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same quarter in the previous year, the firm earned $1.21 earnings per share. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PB shares. Wedbush boosted their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Truist Financial boosted their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 25th. StockNews.com raised Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, August 15th. 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 research report on Monday, August 5th. Finally, Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $74.81.

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.