Prosperity Bancshares, Inc. $PB Position Increased by Hodges Capital Management Inc.

Hodges Capital Management Inc. boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 2.6% in the second quarter, HoldingsChannel reports. The firm owned 81,975 shares of the bank’s stock after purchasing an additional 2,112 shares during the quarter. Hodges Capital Management Inc.’s holdings in Prosperity Bancshares were worth $5,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Steph & Co. acquired a new stake in Prosperity Bancshares in the second quarter worth $38,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Prosperity Bancshares during the first quarter valued at $48,000. IFP Advisors Inc grew its position in shares of Prosperity Bancshares by 1,251.4% during the second quarter. IFP Advisors Inc now owns 973 shares of the bank’s stock worth $68,000 after acquiring an additional 901 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank’s stock worth $69,000 after acquiring an additional 141 shares during the period. Finally, Signaturefd LLC lifted its position in Prosperity Bancshares by 33.8% in the 2nd quarter. Signaturefd LLC now owns 985 shares of the bank’s stock valued at $69,000 after purchasing an additional 249 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $67.91, for a total value of $40,746.00. Following the sale, the director directly owned 44,500 shares in the company, valued at approximately $3,021,995. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 14,300 shares of company stock worth $951,046 over the last ninety days. Company insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $67.50 on Monday. Prosperity Bancshares, Inc. has a 12-month low of $61.06 and a 12-month high of $86.75. The stock has a market capitalization of $6.41 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 0.97 and a beta of 0.75. The firm has a 50 day simple moving average of $65.78 and a 200-day simple moving average of $68.35.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 29th. The bank reported $1.45 EPS for the quarter, hitting the consensus estimate of $1.45. The firm had revenue of $314.67 million for the quarter, compared to analysts’ expectations of $317.94 million. Prosperity Bancshares had a return on equity of 7.06% and a net margin of 30.28%.The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.34 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PB shares. Royal Bank Of Canada reduced 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. Raymond James Financial reiterated an “outperform” rating and set a $77.00 price objective (up from $75.00) on shares of Prosperity Bancshares in a research report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Prosperity Bancshares in a report on Wednesday, October 8th. Stephens raised their target price on Prosperity Bancshares from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, Piper Sandler cut their target price on Prosperity Bancshares from $84.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $80.50.

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.