Hunter Perkins Capital Management LLC raised its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB – Get Rating) by 10.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 232,115 shares of the bank's stock after purchasing an additional 21,075 shares during the period. Prosperity Bancshares comprises about 3.7% of Hunter Perkins Capital Management LLC's portfolio, making the stock its 10th largest holding. Hunter Perkins Capital Management LLC owned approximately 0.25% of Prosperity Bancshares worth $15,926,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in PB. JPMorgan Chase & Co. raised its holdings in Prosperity Bancshares by 0.3% during the 4th quarter. JPMorgan Chase & Co. now owns 225,739 shares of the bank's stock worth $16,321,000 after buying an additional 693 shares during the period. Invesco Ltd. raised its stake in shares of Prosperity Bancshares by 2.2% in the fourth quarter. Invesco Ltd. now owns 275,549 shares of the bank's stock valued at $19,923,000 after purchasing an additional 5,960 shares in the last quarter. Gotham Asset Management LLC raised its stake in shares of Prosperity Bancshares by 85.6% in the fourth quarter. Gotham Asset Management LLC now owns 7,508 shares of the bank's stock valued at $543,000 after purchasing an additional 3,462 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Prosperity Bancshares during the fourth quarter worth $252,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Prosperity Bancshares by 40.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 393,990 shares of the bank's stock valued at $28,485,000 after buying an additional 114,034 shares in the last quarter. Institutional investors own 81.50% of the company's stock.
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Prosperity Bancshares Price Performance
NYSE PB traded down $1.16 during trading hours on Thursday, reaching $66.52. 15,542 shares of the stock traded hands, compared to its average volume of 420,295. The company has a market cap of $6.13 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.04. The stock has a 50 day simple moving average of $72.33 and a two-hundred day simple moving average of $70.20. Prosperity Bancshares, Inc. has a 1 year low of $64.69 and a 1 year high of $80.46.
Prosperity Bancshares (NYSE:PB – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The bank reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.02. The company had revenue of $286.10 million for the quarter, compared to the consensus estimate of $285.39 million. Prosperity Bancshares had a return on equity of 7.85% and a net
margin of 43.50%. Prosperity Bancshares's revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 EPS. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.77 EPS for the current fiscal year.
Prosperity Bancshares Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $2.08 dividend on an annualized basis and a yield of 3.13%. Prosperity Bancshares's dividend payout ratio is presently 37.82%.
Analyst Ratings Changes
PB has been the topic of a number of recent analyst reports. StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Wednesday, August 3rd. Piper Sandler reduced their price target on Prosperity Bancshares to $78.00 in a research note on Monday, July 4th. Truist Financial dropped their price objective on Prosperity Bancshares from $78.00 to $77.00 and set a "buy" rating for the company in a report on Wednesday, June 15th. Finally, Wedbush reaffirmed a "neutral" rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Hold" and an average price target of $75.80.
About Prosperity Bancshares
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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; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.
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