Harbor Capital Advisors Inc. Boosts Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Harbor Capital Advisors Inc. lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 112.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,322 shares of the bank’s stock after acquiring an additional 12,857 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Prosperity Bancshares were worth $1,753,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of PB. BNP Paribas Financial Markets raised its stake in shares of Prosperity Bancshares by 19.3% in the 1st quarter. BNP Paribas Financial Markets now owns 7,206 shares of the bank’s stock valued at $474,000 after purchasing an additional 1,166 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of Prosperity Bancshares in the 1st quarter valued at approximately $201,000. Texas Permanent School Fund Corp raised its position in shares of Prosperity Bancshares by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 82,024 shares of the bank’s stock valued at $5,396,000 after acquiring an additional 1,068 shares in the last quarter. SG Americas Securities LLC lifted its stake in Prosperity Bancshares by 363.4% during the first quarter. SG Americas Securities LLC now owns 23,665 shares of the bank’s stock worth $1,557,000 after purchasing an additional 18,558 shares during the last quarter. Finally, Tectonic Advisors LLC boosted its holdings in Prosperity Bancshares by 11.8% in the first quarter. Tectonic Advisors LLC now owns 6,164 shares of the bank’s stock worth $405,000 after purchasing an additional 651 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $73.86 on Wednesday. The company’s 50 day simple moving average is $72.43 and its 200 day simple moving average is $67.36. The firm has a market capitalization of $7.04 billion, a PE ratio of 15.68, a P/E/G ratio of 1.09 and a beta of 0.89. Prosperity Bancshares, Inc. has a 12 month low of $54.38 and a 12 month high of $75.51.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter in the prior year, the company earned $1.20 EPS. Sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.14%. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio (DPR) is 47.56%.

Analyst Upgrades and Downgrades

PB has been the topic of a number of recent research reports. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $80.00 to $78.00 in a research report on Tuesday, October 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Wedbush reiterated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Raymond James lowered Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price objective for the company. in a research report on Tuesday, September 17th. Finally, Piper Sandler increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $78.96.

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.