MeadowBrook Investment Advisors LLC Invests $185,000 in Prosperity Bancshares, Inc. (NYSE:PB)

MeadowBrook Investment Advisors LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,570 shares of the bank’s stock, valued at approximately $185,000.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Prosperity Bancshares by 59.6% in 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 increased its position in shares of Prosperity Bancshares by 533.3% during the second quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after acquiring an additional 416 shares during the period. Quest Partners LLC increased its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares during the period. Strategic Financial Concepts LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth $43,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Prosperity Bancshares during the second quarter worth $46,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PB shares. Truist Financial downgraded shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and lowered their target price for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. StockNews.com upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday. 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 restated an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Finally, Compass Point upped their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.96.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded up $0.16 during mid-day trading on Thursday, reaching $83.11. The company had a trading volume of 51,801 shares, compared to its average volume of 572,302. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $85.13. The company has a market capitalization of $7.92 billion, a P/E ratio of 17.61, a P/E/G ratio of 1.24 and a beta of 0.89. The stock’s 50-day simple moving average is $73.40 and its 200-day simple moving average is $68.08.

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, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The company had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same period last year, the company posted $1.20 earnings per share. On average, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.05 EPS 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. 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. This represents a $2.32 dividend on an annualized basis and a yield of 2.79%. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Prosperity Bancshares 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.