Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by AQR Capital Management LLC

AQR Capital Management LLC lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 11.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 673,198 shares of the bank’s stock after purchasing an additional 71,694 shares during the period. AQR Capital Management LLC owned about 0.71% of Prosperity Bancshares worth $40,883,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in Prosperity Bancshares by 14.2% during the second quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after purchasing an additional 532,241 shares during the last quarter. Schroder Investment Management Group bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $32,842,000. Public Employees Retirement Association of Colorado grew its position in shares of Prosperity Bancshares by 359.3% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 247,936 shares of the bank’s stock valued at $16,793,000 after buying an additional 193,953 shares during the last quarter. Victory Capital Management Inc. raised its stake in Prosperity Bancshares by 3.0% during the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock worth $388,799,000 after acquiring an additional 184,453 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Prosperity Bancshares by 666,140.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 146,573 shares of the bank’s stock worth $9,642,000 after acquiring an additional 146,551 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 0.9 %

Shares of NYSE:PB opened at $70.80 on Friday. The company has a 50 day moving average of $71.68 and a 200-day moving average of $65.41. The firm has a market cap of $6.74 billion, a P/E ratio of 16.31, a P/E/G ratio of 1.47 and a beta of 0.90. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $74.87.

Prosperity Bancshares (NYSE:PB) last released its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to the consensus estimate 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 prior year, the firm posted $1.21 earnings per share. Equities research analysts forecast that Prosperity Bancshares, Inc. will post 5.06 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Compass Point upped their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a report on Friday, July 26th. StockNews.com lowered Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Piper Sandler boosted their price target 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. DA Davidson increased their price objective on shares of Prosperity Bancshares from $78.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Finally, Wedbush raised 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, September 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.58.

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.