Wedge Capital Management L L P NC Has $12.81 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Wedge Capital Management L L P NC grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 0.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 189,130 shares of the bank’s stock after purchasing an additional 1,010 shares during the period. Wedge Capital Management L L P NC’s holdings in Prosperity Bancshares were worth $12,810,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PB. Wellington Management Group LLP increased its position in Prosperity Bancshares by 11.5% during the third 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. Charles Schwab Investment Management Inc. boosted its holdings in shares of Prosperity Bancshares by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,050,650 shares of the bank’s stock valued at $57,344,000 after purchasing an additional 39,741 shares in the last quarter. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of Prosperity Bancshares in the 4th quarter valued at approximately $46,306,000. Private Management Group Inc. increased its position in Prosperity Bancshares by 14.8% during the 3rd quarter. Private Management Group Inc. now owns 541,207 shares of the bank’s stock worth $29,539,000 after purchasing an additional 69,970 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its stake in Prosperity Bancshares by 55.1% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 406,233 shares of the bank’s stock valued at $22,172,000 after purchasing an additional 144,236 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $0.49 during trading on Tuesday, hitting $62.39. 33,470 shares of the company’s stock were exchanged, compared to its average volume of 555,606. The business has a 50-day simple moving average of $62.54 and a 200-day simple moving average of $61.53. Prosperity Bancshares, Inc. has a 52-week low of $49.60 and a 52-week high of $68.88. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.23 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, topping the consensus estimate of $1.15 by $0.04. The firm had revenue of $413.00 million for the quarter, compared to analyst estimates of $279.34 million. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. During the same period last year, the business earned $1.51 EPS. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 4.96 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 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.