Los Angeles Capital Management LLC Invests $4.80 Million in Prosperity Bancshares, Inc. (NYSE:PB)

Los Angeles Capital Management LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the third quarter, Holdings Channel.com reports. The firm bought 66,660 shares of the bank’s stock, valued at approximately $4,804,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Kingsview Wealth Management LLC bought a new position in shares of Prosperity Bancshares in the first quarter worth about $2,343,000. Amica Mutual Insurance Co. lifted its holdings in shares of Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank’s stock worth $9,646,000 after acquiring an additional 46,593 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Prosperity Bancshares by 394.8% in the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock valued at $701,000 after buying an additional 9,148 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Prosperity Bancshares by 16.0% in the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock valued at $49,632,000 after buying an additional 112,101 shares during the period. Finally, Silver Lake Advisory LLC acquired a new position in shares of Prosperity Bancshares in the second quarter valued at approximately $611,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Stock Up 2.7 %

Shares of PB stock opened at $82.23 on Tuesday. Prosperity Bancshares, Inc. has a 52 week low of $54.53 and a 52 week high of $83.35. The firm has a 50 day moving average of $73.00 and a 200-day moving average of $67.84. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 17.46, a price-to-earnings-growth ratio of 1.19 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the business earned $1.20 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 47.56%.

Analyst Upgrades and Downgrades

PB has been the subject of several recent research reports. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Hovde Group upped their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research note on Monday, August 26th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Piper Sandler increased their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $78.96.

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.