Harbor Capital Advisors Inc. Has $1.75 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

Harbor Capital Advisors Inc. grew its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 112.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,322 shares of the bank's stock after acquiring an additional 12,857 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Prosperity Bancshares were worth $1,753,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new position in shares of Prosperity Bancshares during the first quarter worth $2,343,000. Amica Mutual Insurance Co. boosted its holdings in Prosperity Bancshares by 41.9% in the second quarter. Amica Mutual Insurance Co. now owns 157,770 shares of the bank's stock valued at $9,646,000 after purchasing an additional 46,593 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Prosperity Bancshares by 16.0% during the 2nd 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 during the last quarter. Silver Lake Advisory LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $611,000. Finally, Strategic Financial Concepts LLC purchased a new stake in Prosperity Bancshares in the second quarter valued at $43,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PB shares. Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target for the company. in a report on Tuesday, September 17th. Royal Bank of Canada restated a "sector perform" rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Hovde Group raised their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research note on Monday, August 26th. Truist Financial downgraded Prosperity Bancshares from a "buy" rating to a "hold" rating and lowered their price target for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Finally, DA Davidson cut Prosperity Bancshares from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. One research 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 data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $78.96.

Prosperity Bancshares Stock Up 9.5 %

NYSE PB traded up $6.99 on Wednesday, hitting $80.88. 1,150,031 shares of the stock were exchanged, compared to its average volume of 571,453. The company has a market cap of $7.70 billion, a PE ratio of 17.12, a PEG ratio of 1.08 and a beta of 0.89. The company has a 50-day moving average price of $72.43 and a 200-day moving average price of $67.36. Prosperity Bancshares, Inc. has a fifty-two week low of $54.38 and a fifty-two week high of $81.11.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. The company had revenue of $459.00 million for the quarter, compared to analysts' expectations of $299.83 million. During the same quarter in the previous year, the firm posted $1.20 earnings per share. As a group, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares's previous quarterly dividend of $0.56. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.87%. Prosperity Bancshares's payout ratio is presently 49.26%.

Prosperity Bancshares Profile

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.