Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by MQS Management LLC

MQS Management LLC lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 23.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,828 shares of the bank’s stock after acquiring an additional 1,116 shares during the quarter. MQS Management LLC’s holdings in Prosperity Bancshares were worth $420,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. 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 last quarter. Dimensional Fund Advisors LP grew its holdings in Prosperity Bancshares by 14.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after buying an additional 112,101 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in shares of Prosperity Bancshares by 1.8% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 799,085 shares of the bank’s stock worth $48,856,000 after acquiring an additional 14,175 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $82.95 on Thursday. The stock has a market capitalization of $7.90 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a one year low of $56.37 and a one year high of $85.13. The company’s 50-day simple moving average is $73.40 and its 200-day simple moving average is $68.08.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for 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 posted $1.20 EPS. As a group, research analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.80%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s payout ratio is presently 47.56%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. Piper Sandler increased their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Finally, StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.96.

Prosperity Bancshares 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.