Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by North Star Asset Management Inc.

North Star Asset Management Inc. increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% during the second quarter, Holdings Channel.com reports. The fund owned 222,320 shares of the bank’s stock after buying an additional 762 shares during the period. North Star Asset Management Inc.’s holdings in Prosperity Bancshares were worth $13,593,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Arizona State Retirement System boosted its position in Prosperity Bancshares by 1.7% during the second quarter. Arizona State Retirement System now owns 26,184 shares of the bank’s stock worth $1,601,000 after purchasing an additional 429 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Prosperity Bancshares by 3.0% during the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after buying an additional 184,453 shares during the period. TD Asset Management Inc lifted its position in shares of Prosperity Bancshares by 9.5% during the 2nd quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock valued at $2,177,000 after buying an additional 3,086 shares in the last quarter. Hodges Capital Management Inc. increased its holdings in Prosperity Bancshares by 30.4% in the 2nd quarter. Hodges Capital Management Inc. now owns 135,681 shares of the bank’s stock worth $8,296,000 after acquiring an additional 31,597 shares in the last quarter. Finally, Natixis Advisors LLC raised its position in Prosperity Bancshares by 3.8% during the second quarter. Natixis Advisors LLC now owns 193,701 shares of the bank’s stock worth $11,843,000 after acquiring an additional 7,044 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $71.98 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $74.67. The firm has a 50 day moving average price of $69.02 and a 200 day moving average price of $64.42. The company has a market capitalization of $6.91 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.51 and a beta of 0.90.

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

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.11%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Analysts Set New Price Targets

PB has been the topic of a number of research reports. Piper Sandler raised their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Royal Bank of Canada increased their target price on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Wedbush upped their price objective on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Finally, Truist Financial boosted their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $76.04.

About Prosperity Bancshares

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.