First Financial Bankshares Inc Grows Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

First Financial Bankshares Inc boosted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 16.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,554 shares of the bank’s stock after acquiring an additional 2,096 shares during the quarter. First Financial Bankshares Inc’s holdings in Prosperity Bancshares were worth $1,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the period. Quarry LP raised its holdings in Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares during the last quarter. Quest Partners LLC boosted its position in Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares in the 2nd quarter worth $43,000. Finally, Headlands Technologies LLC purchased a new position in shares of Prosperity Bancshares in the second quarter valued at about $46,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of NYSE PB opened at $72.26 on Monday. Prosperity Bancshares, Inc. has a 1 year low of $52.49 and a 1 year high of $75.28. The firm has a 50-day moving average of $72.21 and a 200 day moving average of $66.70. The stock has a market cap of $6.93 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 1.52 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $459.00 million during the quarter, compared to analyst estimates of $299.83 million. During the same period last year, the business earned $1.20 earnings per share. Research analysts expect that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

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

Analyst Ratings Changes

A number of analysts have recently weighed in on PB shares. Compass Point increased their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a research report on Tuesday, September 17th. Hovde Group raised their price target on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research note on Monday, August 26th. Piper Sandler upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company 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.