Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 68.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,726 shares of the bank’s stock after purchasing an additional 2,726 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Prosperity Bancshares were worth $442,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Prosperity Bancshares by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after buying an additional 53,844 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Prosperity Bancshares by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock valued at $401,551,000 after purchasing an additional 136,764 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Prosperity Bancshares by 5.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,441,996 shares of the bank’s stock valued at $233,130,000 after purchasing an additional 187,472 shares during the period. Brown Advisory Inc. grew its position in shares of Prosperity Bancshares by 0.3% in the fourth quarter. Brown Advisory Inc. now owns 2,531,970 shares of the bank’s stock valued at $171,490,000 after purchasing an additional 8,373 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Prosperity Bancshares by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,095,628 shares of the bank’s stock valued at $74,207,000 after purchasing an additional 44,978 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

Shares of PB traded down $0.22 during trading hours on Friday, hitting $69.89. 1,085,448 shares of the company were exchanged, compared to its average volume of 790,893. The company has a market capitalization of $6.71 billion, a PE ratio of 16.10, a PEG ratio of 1.44 and a beta of 0.91. The firm has a fifty day simple moving average of $63.15 and a 200-day simple moving average of $63.13. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $74.05.

Prosperity Bancshares (NYSE:PB) last issued 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. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The business had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter last year, the firm posted $1.21 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.06 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.21%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 51.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PB shares. Truist Financial lifted their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Compass Point boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Wedbush boosted their price objective on Prosperity Bancshares from $63.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada boosted their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.50.

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.