Meeder Asset Management Inc. Makes New $114,000 Investment in Prosperity Bancshares, Inc. (NYSE:PB)

Meeder Asset Management Inc. purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,866 shares of the bank’s stock, valued at approximately $114,000.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after buying an additional 177 shares in the last quarter. Quest Partners LLC raised its position in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Prosperity Bancshares by 835.9% during the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock worth $49,000 after purchasing an additional 652 shares during the last quarter. Mather Group LLC. bought a new stake in Prosperity Bancshares during the first quarter valued at about $50,000. Finally, Abich Financial Wealth Management LLC grew its stake in Prosperity Bancshares by 12,433.3% in the first quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after purchasing an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PB. Stephens upgraded shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Compass Point increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. Truist Financial boosted their target price on Prosperity Bancshares from $68.00 to $81.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada increased their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus target price of $76.04.

Prosperity Bancshares Stock Up 2.3 %

Prosperity Bancshares stock opened at $72.52 on Friday. The stock has a 50-day moving average price of $70.18 and a 200 day moving average price of $64.74. The company has a market capitalization of $6.96 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.48 and a beta of 0.90. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $74.67.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analyst estimates of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the firm posted $1.21 EPS. Research analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.09%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s payout ratio 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.