Raymond James & Associates Has $1.30 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

Raymond James & Associates increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 12.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,115 shares of the bank’s stock after purchasing an additional 2,188 shares during the period. Raymond James & Associates’ holdings in Prosperity Bancshares were worth $1,295,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Prosperity Bancshares by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 9,298,310 shares of the bank’s stock worth $620,011,000 after purchasing an additional 40,530 shares during the last quarter. State Street Corp lifted its holdings in Prosperity Bancshares by 11.5% during the 2nd quarter. State Street Corp now owns 8,888,314 shares of the bank’s stock worth $506,826,000 after purchasing an additional 917,381 shares during the last quarter. BlackRock Inc. lifted its holdings in Prosperity Bancshares by 3.5% during the 1st quarter. BlackRock Inc. now owns 8,642,426 shares of the bank’s stock worth $531,682,000 after purchasing an additional 290,029 shares during the last quarter. Morgan Stanley increased its stake in Prosperity Bancshares by 325.4% during the 4th quarter. Morgan Stanley now owns 2,390,076 shares of the bank’s stock worth $173,711,000 after acquiring an additional 1,828,204 shares during the period. Finally, Wellington Management Group LLP increased its stake in Prosperity Bancshares by 11.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,213,472 shares of the bank’s stock worth $120,811,000 after acquiring an additional 227,725 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PB shares. Royal Bank of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Barclays started coverage on Prosperity Bancshares in a research note on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective on the stock. Raymond James raised their price objective on Prosperity Bancshares from $65.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Friday, January 5th. Morgan Stanley upgraded Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective on the stock in a research note on Wednesday, February 7th. Finally, Truist Financial restated a “buy” rating and set a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.79.

Prosperity Bancshares Stock Up 1.8 %

Shares of PB stock opened at $60.77 on Friday. The firm has a market capitalization of $5.68 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.20 and a beta of 0.93. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $68.88. The stock’s fifty day simple moving average is $62.58 and its 200 day simple moving average is $61.34.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same quarter in the previous year, the company posted $1.51 EPS. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.69%. Prosperity Bancshares’s dividend payout ratio is currently 49.45%.

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.