Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by Interval Partners LP

Interval Partners LP raised its position in Prosperity Bancshares, Inc. (NYSE:PB) by 2.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,368 shares of the bank’s stock after purchasing an additional 2,833 shares during the period. Interval Partners LP owned 0.12% of Prosperity Bancshares worth $7,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Prosperity Bancshares during the fourth quarter worth approximately $64,749,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth approximately $46,306,000. Schroder Investment Management Group acquired a new position in shares of Prosperity Bancshares in the 4th quarter valued at $32,842,000. Public Employees Retirement Association of Colorado grew its position in shares of Prosperity Bancshares by 359.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after buying an additional 193,953 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares by 5.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock worth $233,130,000 after acquiring an additional 187,472 shares in the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on PB. 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 research note on Thursday, July 25th. Wedbush upped their target price on Prosperity Bancshares from $63.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Royal Bank of Canada lifted their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 25th. DA Davidson boosted their price objective on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Compass Point raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Prosperity Bancshares has a consensus rating of “Moderate Buy” and an average target price of $73.50.

Prosperity Bancshares Price Performance

Shares of PB stock traded up $1.20 during mid-day trading on Tuesday, hitting $73.01. The stock had a trading volume of 781,193 shares, compared to its average volume of 576,696. The firm has a market cap of $7.00 billion, a PE ratio of 16.82, a PEG ratio of 1.50 and a beta of 0.91. The company’s 50-day simple moving average is $62.65 and its 200-day simple moving average is $62.98. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $73.69.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same period in the prior year, the company posted $1.21 earnings per share. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.06 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.07%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

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.