SG Americas Securities LLC Grows Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

SG Americas Securities LLC grew its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 296.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,810 shares of the bank's stock after buying an additional 10,326 shares during the quarter. SG Americas Securities LLC's holdings in Prosperity Bancshares were worth $995,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $540,000. Quarry LP lifted its stake in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock worth $30,000 after purchasing an additional 416 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Prosperity Bancshares by 135.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank's stock worth $641,000 after purchasing an additional 6,022 shares during the last quarter. Silver Lake Advisory LLC purchased a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $611,000. Finally, Algert Global LLC lifted its stake in shares of Prosperity Bancshares by 27.7% during the 2nd quarter. Algert Global LLC now owns 43,415 shares of the bank's stock worth $2,654,000 after purchasing an additional 9,415 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Barclays upped their price objective on Prosperity Bancshares from $70.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Friday, September 27th. Compass Point upped 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. Raymond James lowered Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Piper Sandler upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, July 25th. Finally, Truist Financial lowered Prosperity Bancshares from a "buy" rating to a "hold" rating and reduced their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. One equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $77.58.

Prosperity Bancshares Trading Up 2.5 %

Shares of PB stock traded up $1.80 during mid-day trading on Friday, reaching $72.66. The stock had a trading volume of 389,675 shares, compared to its average volume of 565,570. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 1.49 and a beta of 0.89. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87. The business's fifty day moving average is $71.60 and its 200-day moving average is $66.01.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted 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. The firm had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same period last year, the company earned $1.21 earnings per share. On average, analysts forecast that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 3.08%. Prosperity Bancshares's dividend payout ratio is currently 49.02%.

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.