Sei Investments Co. Buys 51,979 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Sei Investments Co. grew its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 126.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,013 shares of the bank's stock after purchasing an additional 51,979 shares during the quarter. Sei Investments Co. owned about 0.10% of Prosperity Bancshares worth $5,687,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PB. Janney Montgomery Scott LLC acquired a new stake in Prosperity Bancshares during the fourth quarter worth approximately $409,000. PNC Financial Services Group Inc. boosted its holdings in shares of Prosperity Bancshares by 10.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank's stock valued at $261,000 after purchasing an additional 355 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank's stock valued at $49,000 after purchasing an additional 652 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of Prosperity Bancshares by 3.2% in the 4th quarter. Stifel Financial Corp now owns 86,331 shares of the bank's stock valued at $5,847,000 after purchasing an additional 2,682 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Prosperity Bancshares by 4.2% in the 4th quarter. Treasurer of the State of North Carolina now owns 39,861 shares of the bank's stock valued at $2,700,000 after purchasing an additional 1,611 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 2.6 %

PB stock traded down $1.90 during mid-day trading on Tuesday, reaching $70.17. 433,691 shares of the company traded hands, compared to its average volume of 573,085. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of 16.21, a P/E/G ratio of 1.47 and a beta of 0.90. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $74.87. The firm's 50 day moving average price is $71.74 and its 200 day moving average price is $65.51.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.02. The business had revenue of $458.95 million during 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 quarter in the previous year, the business earned $1.21 EPS. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.06 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 3.19%. Prosperity Bancshares's dividend payout ratio is currently 51.61%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PB. Piper Sandler raised their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a report 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. StockNews.com cut Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, August 28th. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Finally, DA Davidson increased 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.58.

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.