Prosperity Bancshares, Inc. (NYSE:PB) Stake Boosted by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 189,130 shares of the bank’s stock after purchasing an additional 1,010 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.20% of Prosperity Bancshares worth $12,810,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Planned Solutions Inc. purchased a new stake in shares of Prosperity Bancshares in the fourth quarter worth approximately $37,000. Signaturefd LLC increased its stake in Prosperity Bancshares by 171.5% during the fourth quarter. Signaturefd LLC now owns 744 shares of the bank’s stock valued at $50,000 after acquiring an additional 470 shares during the period. Spire Wealth Management lifted its position in Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock worth $70,000 after purchasing an additional 194 shares during the period. Covestor Ltd boosted its position in shares of Prosperity Bancshares by 12.3% during the 3rd quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock valued at $122,000 after acquiring an additional 244 shares in the last quarter. Finally, Impact Partnership Wealth LLC acquired a new position in shares of Prosperity Bancshares in the 3rd quarter worth approximately $151,000. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Up 0.8 %

Shares of NYSE PB traded up $0.49 during trading hours on Tuesday, reaching $62.39. 33,470 shares of the stock traded hands, compared to its average volume of 555,606. The company’s 50-day simple moving average is $62.54 and its two-hundred day simple moving average is $61.53. The company has a market capitalization of $5.84 billion, a P/E ratio of 13.68, a price-to-earnings-growth ratio of 1.23 and a beta of 0.93. Prosperity Bancshares, Inc. has a 52-week low of $49.60 and a 52-week high of $68.88.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.04. The business had revenue of $413.00 million during the quarter, compared to the consensus estimate of $279.34 million. Prosperity Bancshares had a return on equity of 6.62% and a net margin of 26.24%. During the same period in the prior year, the company posted $1.51 EPS. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 4.96 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

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 $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio is presently 49.45%.

Wall Street Analyst Weigh In

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

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.