Nisa Investment Advisors LLC Acquires 4,268 Shares of Prosperity Bancshares, Inc. $PB

Nisa Investment Advisors LLC lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 41.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 14,592 shares of the bank’s stock after buying an additional 4,268 shares during the period. Nisa Investment Advisors LLC’s holdings in Prosperity Bancshares were worth $1,033,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. T. Rowe Price Investment Management Inc. raised its holdings in Prosperity Bancshares by 14.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank’s stock worth $230,739,000 after acquiring an additional 412,283 shares in the last quarter. Nuveen LLC bought a new position in Prosperity Bancshares in the first quarter valued at approximately $25,491,000. AQR Capital Management LLC increased its position in shares of Prosperity Bancshares by 56.2% during the 1st quarter. AQR Capital Management LLC now owns 866,223 shares of the bank’s stock worth $61,008,000 after purchasing an additional 311,698 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Prosperity Bancshares by 325.1% during the 1st quarter. MetLife Investment Management LLC now owns 227,891 shares of the bank’s stock worth $16,265,000 after purchasing an additional 174,287 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Prosperity Bancshares during the 1st quarter worth approximately $11,433,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Analysts Set New Price Targets

PB has been the subject of several analyst reports. Royal Bank Of Canada decreased their target price on shares of Prosperity Bancshares from $78.00 to $72.00 and set a “sector perform” rating for the company in a research note on Friday, October 10th. Piper Sandler cut their price target on shares of Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating for the company in a research note on Thursday. Hovde Group lowered their price objective on shares of Prosperity Bancshares from $83.00 to $80.00 and set an “outperform” rating on the stock in a research note on Thursday. TD Cowen upped their target price on shares of Prosperity Bancshares from $79.00 to $83.00 and gave the company a “buy” rating in a report on Friday. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $77.00 target price (up from $75.00) on shares of Prosperity Bancshares in a research note on Thursday. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $65.20, for a total transaction of $32,600.00. Following the sale, the director directly owned 89,915 shares of the company’s stock, valued at approximately $5,862,458. This represents a 0.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 14,300 shares of company stock worth $950,496. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Up 1.7%

NYSE PB opened at $65.93 on Friday. The firm has a 50-day moving average price of $66.05 and a two-hundred day moving average price of $68.30. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $86.75. The company has a market capitalization of $6.26 billion, a P/E ratio of 11.75, a P/E/G ratio of 0.97 and a beta of 0.73.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, October 29th. The bank reported $1.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.45. The company had revenue of $314.67 million during the quarter, compared to the consensus estimate of $317.94 million. Prosperity Bancshares had a net margin of 30.28% and a return on equity of 7.06%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.34 earnings per share. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $2.40 annualized dividend and a yield of 3.6%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.58. Prosperity Bancshares’s payout ratio is presently 42.78%.

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.