Fruth Investment Management Sells 200 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Fruth Investment Management cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 4.1% during the third quarter, HoldingsChannel reports. The firm owned 4,652 shares of the bank’s stock after selling 200 shares during the period. Fruth Investment Management’s holdings in Prosperity Bancshares were worth $335,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PB. Dimensional Fund Advisors LP increased its stake in shares of Prosperity Bancshares by 14.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock worth $262,141,000 after purchasing an additional 532,241 shares during the period. Victory Capital Management Inc. increased its stake in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after purchasing an additional 184,453 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Prosperity Bancshares by 666,140.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 146,573 shares of the bank’s stock worth $9,642,000 after purchasing an additional 146,551 shares during the period. Amarillo National Bank bought a new position in shares of Prosperity Bancshares in the second quarter worth about $8,520,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of Prosperity Bancshares by 16.0% in 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 during the period. 80.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PB has been the topic of several research reports. DA Davidson boosted their price target on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Wedbush upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $75.00 to $90.00 in a research note on Tuesday, September 24th. Piper Sandler boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Finally, Compass Point boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Trading Up 0.4 %

PB stock opened at $72.92 on Tuesday. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87. The firm has a market cap of $7.00 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.49 and a beta of 0.89. The business’s 50 day moving average is $71.66 and its 200-day moving average is $66.09.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The business had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the business earned $1.21 EPS. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.03 EPS for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, September 13th. Prosperity Bancshares’s payout ratio is currently 51.61%.

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.