Algert Global LLC Has $2.65 Million Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Algert Global LLC increased its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 27.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,415 shares of the bank's stock after acquiring an additional 9,415 shares during the period. Algert Global LLC's holdings in Prosperity Bancshares were worth $2,654,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PB. Janney Montgomery Scott LLC bought a new position in Prosperity Bancshares during the fourth quarter valued at about $409,000. PNC Financial Services Group Inc. grew its stake 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 worth $261,000 after purchasing an additional 355 shares during the last quarter. Parallel Advisors LLC raised 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 worth $49,000 after purchasing an additional 652 shares in the last quarter. Stifel Financial Corp lifted its stake in Prosperity Bancshares by 3.2% during the fourth 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 during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in Prosperity Bancshares by 4.2% during the fourth 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 during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Down 0.0 %

Shares of NYSE:PB traded down $0.02 during trading on Wednesday, reaching $70.15. 509,328 shares of the company traded hands, compared to its average volume of 572,749. 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 $6.68 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 1.46 and a beta of 0.90. The firm has a fifty day simple moving average of $71.75 and a 200 day simple moving average of $65.57.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The firm had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same quarter in the previous year, the company posted $1.21 earnings per share. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.19%. The ex-dividend date was Friday, September 13th. Prosperity Bancshares's payout ratio is presently 51.61%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Stephens raised Prosperity Bancshares from an "equal weight" rating to an "overweight" rating in a report on Wednesday, June 26th. Compass Point upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a "buy" rating in a report on Friday, July 26th. Raymond James cut Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 price target on the stock. in a research note on Tuesday, September 17th. Truist Financial lowered shares of Prosperity Bancshares from a "buy" rating to a "hold" rating and reduced their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. Finally, Wedbush raised shares of Prosperity Bancshares from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $75.00 to $90.00 in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $77.58.

Prosperity Bancshares Company 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.