Prosperity Bancshares, Inc. (NYSE:PB) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB boosted its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 11.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,931 shares of the bank’s stock after purchasing an additional 2,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Prosperity Bancshares were worth $1,508,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in PB. SG Americas Securities LLC increased its position in Prosperity Bancshares by 296.4% during the third quarter. SG Americas Securities LLC now owns 13,810 shares of the bank’s stock worth $995,000 after purchasing an additional 10,326 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth $540,000. Quarry LP raised its position in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock worth $30,000 after buying an additional 416 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Prosperity Bancshares by 135.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 10,480 shares of the bank’s stock valued at $641,000 after acquiring an additional 6,022 shares during the last quarter. Finally, Silver Lake Advisory LLC purchased a new stake in Prosperity Bancshares during the second quarter valued at about $611,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PB shares. Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 26th. Royal Bank of Canada lifted their price objective on shares of Prosperity Bancshares from $70.00 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, July 25th. Barclays raised their price target on shares of Prosperity Bancshares from $70.00 to $75.00 and gave the company an “equal weight” rating in a report on Friday, September 27th. Morgan Stanley raised shares of Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $75.00 to $86.00 in a research note on Monday, August 5th. Finally, Wedbush upgraded Prosperity Bancshares from a “neutral” rating to an “outperform” rating and raised their target price for the company from $75.00 to $90.00 in a research note on Tuesday, September 24th. 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Price Performance

Shares of PB opened at $70.81 on Friday. The stock has a market capitalization of $6.79 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.45 and a beta of 0.89. The business’s fifty day moving average price is $71.55 and its 200 day moving average price is $65.94. Prosperity Bancshares, Inc. has a 12-month low of $49.60 and a 12-month high of $74.87.

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. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The company had revenue of $458.95 million for the quarter, compared to the consensus estimate of $290.06 million. During the same period last year, the firm posted $1.21 EPS. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.04 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Friday, September 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

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.