Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by Copeland Capital Management LLC

Copeland Capital Management LLC boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 2.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 472,895 shares of the bank’s stock after acquiring an additional 12,573 shares during the period. Copeland Capital Management LLC’s holdings in Prosperity Bancshares were worth $34,082,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after buying an additional 532,241 shares in the last quarter. Victory Capital Management Inc. raised its stake in Prosperity Bancshares by 3.0% in the 2nd quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Prosperity Bancshares by 666,140.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 146,573 shares of the bank’s stock valued at $9,642,000 after purchasing an additional 146,551 shares in the last quarter. Amarillo National Bank acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth about $8,520,000. Finally, Thrivent Financial for Lutherans grew its holdings 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 buying an additional 112,101 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Performance

PB stock opened at $71.34 on Tuesday. The firm has a market cap of $6.84 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 1.53 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $74.96. The stock has a 50-day simple moving average of $72.01 and a 200-day simple moving average of $66.42.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same quarter last year, the company earned $1.21 earnings per share. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.03 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed 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 is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.25%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s payout ratio is currently 53.46%.

Wall Street Analysts Forecast Growth

PB has been the subject of several recent analyst reports. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. DA Davidson cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.27.

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.