Prosperity Bancshares, Inc. (NYSE:PB) Stock Holdings Boosted by Private Management Group Inc.

Private Management Group Inc. lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.1% in the 4th quarter, Holdings Channel reports. The fund owned 541,573 shares of the bank’s stock after buying an additional 366 shares during the period. Prosperity Bancshares comprises 1.4% of Private Management Group Inc.’s investment portfolio, making the stock its 14th biggest holding. Private Management Group Inc.’s holdings in Prosperity Bancshares were worth $36,681,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PB. Vaughan Nelson Investment Management L.P. bought a new position in shares of Prosperity Bancshares during the fourth quarter worth about $46,306,000. Wellington Management Group LLP grew its position in shares of Prosperity Bancshares by 11.5% during the third quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock worth $120,811,000 after acquiring an additional 227,725 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in shares of Prosperity Bancshares during the third quarter worth about $9,579,000. Schonfeld Strategic Advisors LLC grew its position in shares of Prosperity Bancshares by 55.1% during the third quarter. Schonfeld Strategic Advisors LLC now owns 406,233 shares of the bank’s stock worth $22,172,000 after acquiring an additional 144,236 shares during the last quarter. Finally, Comerica Bank grew its position in shares of Prosperity Bancshares by 1,601.0% during the third quarter. Comerica Bank now owns 119,309 shares of the bank’s stock worth $6,512,000 after acquiring an additional 112,295 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Analyst Upgrades and Downgrades

PB has been the subject of a number of recent analyst reports. Barclays initiated coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They issued an “equal weight” rating and a $68.00 target price for the company. Morgan Stanley upgraded shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price for the company in a research report on Wednesday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Raymond James increased their target price on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. Finally, Truist Financial reiterated a “buy” rating and issued a $75.00 target price on shares of Prosperity Bancshares in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $68.79.

Prosperity Bancshares Stock Performance

Shares of NYSE:PB traded up $0.80 during trading hours on Tuesday, hitting $62.70. 521,404 shares of the company’s stock traded hands, compared to its average volume of 562,114. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $68.88. The company’s fifty day simple moving average is $62.54 and its two-hundred day simple moving average is $61.53. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 1.23 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The company had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $279.34 million. During the same period last year, the company posted $1.51 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s payout ratio is 49.45%.

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.