Harbour Capital Advisors LLC Makes New Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Harbour Capital Advisors LLC bought a new position in Prosperity Bancshares, Inc. (NYSE:PB) in the first quarter, Holdings Channel.com reports. The institutional investor bought 3,965 shares of the bank’s stock, valued at approximately $249,000.

A number of other large investors have also added to or reduced their stakes in PB. Planned Solutions Inc. acquired a new position in shares of Prosperity Bancshares during the fourth quarter valued at about $37,000. GAMMA Investing LLC purchased a new stake in Prosperity Bancshares in the 4th quarter worth approximately $38,000. Parallel Advisors LLC boosted its position in 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. Signaturefd LLC boosted its position in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after purchasing an additional 470 shares in the last quarter. Finally, Mather Group LLC. purchased a new stake in Prosperity Bancshares in the 1st quarter worth approximately $50,000. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PB. Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price objective on shares of Prosperity Bancshares in a research note on Tuesday, April 9th. Barclays assumed coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday. Finally, Truist Financial reiterated a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.86.

Prosperity Bancshares Trading Up 1.6 %

NYSE PB opened at $61.17 on Friday. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 1.29 and a beta of 0.90. The business’s 50 day moving average is $61.54 and its two-hundred day moving average is $63.12. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $68.88.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. The business had revenue of $420.78 million during the quarter, compared to the consensus estimate of $274.88 million. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. During the same period in the prior year, the business posted $1.37 EPS. Equities analysts forecast that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares’s dividend payout ratio (DPR) is 51.61%.

About Prosperity Bancshares

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.