Prosperity Bancshares, Inc. (NYSE:PB) Stake Raised by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 135.1% in the second quarter, Holdings Channel reports. The firm owned 10,480 shares of the bank’s stock after buying an additional 6,022 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Prosperity Bancshares were worth $641,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PB. Schroder Investment Management Group purchased a new stake in shares of Prosperity Bancshares during the 4th quarter worth about $32,842,000. Dean Capital Management bought a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $1,645,000. First Financial Bankshares Inc bought a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $2,426,000. Neo Ivy Capital Management bought a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $192,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Prosperity Bancshares by 11.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock valued at $59,923,000 after acquiring an additional 89,617 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Down 0.5 %

Shares of NYSE:PB opened at $70.56 on Tuesday. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87. The firm has a market capitalization of $6.72 billion, a PE ratio of 16.26, a PEG ratio of 1.45 and a beta of 0.89. The business’s 50 day moving average is $71.61 and its 200-day moving average is $65.82.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million for the quarter, compared to analyst estimates of $290.06 million. During the same quarter last year, the firm earned $1.21 EPS. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.04 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Friday, September 13th. Prosperity Bancshares’s dividend payout ratio is 51.61%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PB. Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson raised their target price on Prosperity Bancshares from $78.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Stephens raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. Piper Sandler raised their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Barclays raised their target price on Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.58.

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.