Private Management Group Inc. Has $38.54 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Private Management Group Inc. grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 534,775 shares of the bank’s stock after buying an additional 836 shares during the quarter. Prosperity Bancshares makes up approximately 1.4% of Private Management Group Inc.’s portfolio, making the stock its 15th largest position. Private Management Group Inc. owned approximately 0.56% of Prosperity Bancshares worth $38,541,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in PB. GAMMA Investing LLC raised its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the period. Quarry LP grew its stake in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after acquiring an additional 416 shares in the last quarter. Quest Partners LLC increased its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Prosperity Bancshares during the second quarter worth approximately $43,000. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares during the 2nd quarter valued at $46,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 0.2 %

PB stock traded down $0.13 during midday trading on Friday, hitting $73.07. The stock had a trading volume of 447,924 shares, compared to its average volume of 567,737. Prosperity Bancshares, Inc. has a 52 week low of $54.38 and a 52 week high of $75.51. The stock has a 50-day simple moving average of $72.39 and a 200 day simple moving average of $67.06. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 1.09 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period last year, the firm earned $1.20 EPS. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.18%. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 47.56%.

Wall Street Analyst Weigh In

PB has been the subject of several recent research reports. Raymond James cut Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target for the company. in a research note on Tuesday, September 17th. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Finally, Barclays boosted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

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.