Financial Management Professionals Inc. Boosts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Financial Management Professionals Inc. grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 32.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,722 shares of the bank’s stock after purchasing an additional 421 shares during the quarter. Financial Management Professionals Inc.’s holdings in Prosperity Bancshares were worth $124,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Kingsview Wealth Management LLC purchased a new stake in shares of Prosperity Bancshares during the 1st quarter worth $2,343,000. Amica Mutual Insurance Co. boosted its holdings in shares of Prosperity Bancshares by 41.9% in the 2nd quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock valued at $9,646,000 after buying an additional 46,593 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of Prosperity Bancshares by 14.8% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 784,910 shares of the bank’s stock worth $51,631,000 after buying an additional 101,230 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Prosperity Bancshares by 394.8% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after acquiring an additional 9,148 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted 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 valued at $49,632,000 after acquiring an additional 112,101 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.7 %

Shares of PB stock opened at $72.26 on Friday. The stock has a market cap of $6.93 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89. Prosperity Bancshares, Inc. has a 52-week low of $52.49 and a 52-week high of $75.28. The business has a 50-day simple moving average of $72.21 and a 200-day simple moving average of $66.66.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The business had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter in the prior year, the firm posted $1.20 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a yield of 3.21%. Prosperity Bancshares’s dividend payout ratio is 53.46%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PB shares. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Barclays upped their target price on Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Hovde Group increased their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.96.

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.