Private Management Group Inc. Purchases 836 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Private Management Group Inc. boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 534,775 shares of the bank’s stock after buying an additional 836 shares during the period. Prosperity Bancshares accounts for about 1.4% of Private Management Group Inc.’s investment portfolio, making the stock its 15th largest holding. Private Management Group Inc.’s holdings in Prosperity Bancshares were worth $38,541,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at $2,343,000. Amica Mutual Insurance Co. increased its position in 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 acquiring an additional 46,593 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Prosperity Bancshares by 394.8% during the second quarter. Harbor Capital Advisors Inc. now owns 11,465 shares of the bank’s stock worth $701,000 after purchasing an additional 9,148 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after purchasing an additional 112,101 shares in the last quarter. Finally, Silver Lake Advisory LLC bought a new stake in shares of Prosperity Bancshares during the second quarter valued at approximately $611,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PB. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $80.00 to $78.00 in a research report on Tuesday, October 15th. Piper Sandler lifted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Hovde Group boosted their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a report on Monday, August 26th. Compass Point lifted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective on the stock. in a report on Tuesday, September 17th. One 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’s stock. Based on data from MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded down $0.13 during trading hours on Friday, hitting $73.07. The company’s stock had a trading volume of 447,924 shares, compared to its average volume of 567,737. The company has a market capitalization of $6.96 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. The stock has a 50 day moving average of $72.39 and a 200 day moving average of $67.06. Prosperity Bancshares, Inc. has a 12 month low of $54.38 and a 12 month high of $75.51.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. During the same period last year, the company posted $1.20 EPS. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is 47.56%.

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.