Private Management Group Inc. Boosts Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Private Management Group Inc. lifted its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 0.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 541,573 shares of the bank’s stock after buying an additional 366 shares during the period. Prosperity Bancshares makes up 1.4% of Private Management Group Inc.’s investment portfolio, making the stock its 14th largest holding. Private Management Group Inc. owned about 0.58% of Prosperity Bancshares worth $36,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PB. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at $46,306,000. Wellington Management Group LLP grew its position in shares of Prosperity Bancshares by 11.5% in the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock valued at $120,811,000 after buying an additional 227,725 shares during the last quarter. Ceredex Value Advisors LLC purchased a new position in Prosperity Bancshares during the 3rd quarter worth $9,579,000. Schonfeld Strategic Advisors LLC grew its position in Prosperity Bancshares by 55.1% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 406,233 shares of the bank’s stock worth $22,172,000 after purchasing an additional 144,236 shares during the last quarter. Finally, Comerica Bank grew its position in Prosperity Bancshares by 1,601.0% during the 3rd quarter. Comerica Bank now owns 119,309 shares of the bank’s stock worth $6,512,000 after purchasing an additional 112,295 shares during the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Up 1.3 %

Shares of NYSE PB traded up $0.80 during midday trading on Tuesday, hitting $62.70. The company had a trading volume of 521,404 shares, compared to its average volume of 562,114. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $68.88. The business has a 50-day simple moving average of $62.54 and a two-hundred day simple moving average of $61.53. The firm has a market capitalization 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 quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating 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 firm had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $279.34 million. During the same quarter last year, the business earned $1.51 earnings per share. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 4.96 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid 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 dividend payout ratio (DPR) is 49.45%.

Analyst Upgrades and Downgrades

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

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.