Elizabeth Park Capital Advisors Ltd. Raises Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Elizabeth Park Capital Advisors Ltd. boosted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,500 shares of the bank’s stock after buying an additional 3,000 shares during the quarter. Elizabeth Park Capital Advisors Ltd.’s holdings in Prosperity Bancshares were worth $1,926,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. GAMMA Investing LLC raised its holdings in shares of Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after purchasing an additional 177 shares during the last quarter. Quest Partners LLC grew its position in 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 purchased a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $43,000. Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at about $46,000. Finally, Parallel Advisors LLC lifted 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 valued at $49,000 after buying an additional 652 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 0.5 %

PB stock opened at $70.99 on Thursday. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $74.87. The firm has a 50-day simple moving average of $71.55 and a 200-day simple moving average of $65.29. The stock has a market capitalization of $6.76 billion, a P/E ratio of 16.36, a P/E/G ratio of 1.49 and a beta of 0.90.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate 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 return on equity of 6.32% and a net margin of 25.10%. During the same period in the previous year, the business earned $1.21 EPS. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.06 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.16%. The ex-dividend date is Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

Wall Street Analysts Forecast Growth

PB has been the topic of several analyst reports. Royal Bank of Canada lifted their price target on Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research report on Thursday, July 25th. Truist Financial cut shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Wedbush upgraded shares of Prosperity Bancshares from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $75.00 to $90.00 in a research note on Tuesday. Stephens raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Finally, Piper Sandler lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.04.

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.