North Star Asset Management Inc. Increases Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

North Star Asset Management Inc. increased its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 0.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 222,320 shares of the bank’s stock after acquiring an additional 762 shares during the period. North Star Asset Management Inc. owned approximately 0.23% of Prosperity Bancshares worth $13,593,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System lifted its holdings in shares of Prosperity Bancshares by 1.7% in the 2nd quarter. Arizona State Retirement System now owns 26,184 shares of the bank’s stock worth $1,601,000 after acquiring an additional 429 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Prosperity Bancshares by 9.5% during the second quarter. TD Asset Management Inc now owns 35,600 shares of the bank’s stock valued at $2,177,000 after buying an additional 3,086 shares during the period. Hodges Capital Management Inc. grew its stake in shares of Prosperity Bancshares by 30.4% during the second quarter. Hodges Capital Management Inc. now owns 135,681 shares of the bank’s stock valued at $8,296,000 after buying an additional 31,597 shares during the last quarter. Finally, Natixis Advisors LLC lifted its stake in shares of Prosperity Bancshares by 3.8% during the 2nd quarter. Natixis Advisors LLC now owns 193,701 shares of the bank’s stock worth $11,843,000 after acquiring an additional 7,044 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Trading Down 1.8 %

Shares of Prosperity Bancshares stock opened at $71.98 on Friday. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $74.67. The firm’s 50 day simple moving average is $69.02 and its two-hundred day simple moving average is $64.42. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 16.59, a PEG ratio of 1.51 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same quarter in the previous year, the business earned $1.21 EPS. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.11%. Prosperity Bancshares’s payout ratio is currently 51.61%.

Analysts Set New Price Targets

PB has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their target price on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Morgan Stanley upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Piper Sandler boosted their price target 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, Wedbush upped their price target on shares of Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $76.04.

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.