Thrivent Financial for Lutherans Purchases 6,972 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Thrivent Financial for Lutherans grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 818,744 shares of the bank's stock after acquiring an additional 6,972 shares during the quarter. Thrivent Financial for Lutherans owned 0.86% of Prosperity Bancshares worth $59,007,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock worth $29,000 after purchasing an additional 177 shares during the period. Quarry LP raised 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 period. Quest Partners LLC raised its stake in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock worth $34,000 after purchasing an additional 535 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $43,000. Finally, Headlands Technologies LLC bought a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $46,000. 80.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PB shares. Hovde Group boosted 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. Piper Sandler boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, July 25th. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $75.00 to $86.00 in a research note on Monday, August 5th. Barclays boosted their price objective on Prosperity Bancshares from $75.00 to $76.00 and gave the company an "equal weight" rating in a research note on Thursday, October 24th. Finally, Compass Point boosted their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $78.96.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock traded down $0.86 during mid-day trading on Tuesday, hitting $81.55. 123,273 shares of the company traded hands, compared to its average volume of 572,183. The stock has a fifty day moving average price of $73.79 and a 200-day moving average price of $68.40. The stock has a market cap of $7.77 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 1.23 and a beta of 0.89. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $85.13.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating 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 business had revenue of $459.00 million for the quarter, compared to analysts' expectations of $299.83 million. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.84%. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares's dividend payout ratio (DPR) is currently 47.56%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the sale, the director now directly owns 114,315 shares of the company's stock, valued at $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 4.28% of the stock is currently owned by corporate insiders.

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.