Raymond James & Associates Purchases 2,082 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Raymond James & Associates grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 7.0% during the third quarter, HoldingsChannel reports. The firm owned 31,942 shares of the bank’s stock after buying an additional 2,082 shares during the period. Raymond James & Associates’ holdings in Prosperity Bancshares were worth $2,302,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PB. Dimensional Fund Advisors LP boosted 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 worth $262,141,000 after acquiring an additional 532,241 shares in the last quarter. Victory Capital Management Inc. boosted 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 in the last quarter. Amarillo National Bank bought a new position in Prosperity Bancshares during the second quarter worth $8,520,000. Thrivent Financial for Lutherans boosted its stake in Prosperity Bancshares by 16.0% during the second quarter. Thrivent Financial for Lutherans now owns 811,772 shares of the bank’s stock worth $49,632,000 after acquiring an additional 112,101 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Prosperity Bancshares by 52.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 223,612 shares of the bank’s stock worth $13,672,000 after acquiring an additional 77,039 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Price Performance

Shares of PB stock opened at $73.86 on Wednesday. The firm has a 50-day moving average of $72.43 and a 200-day moving average of $67.36. The company has a market cap of $7.04 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.09 and a beta of 0.89. Prosperity Bancshares, Inc. has a one year low of $54.38 and a one year high of $75.51.

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

Prosperity Bancshares Increases Dividend

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

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays increased their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 24th. Piper Sandler raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the company from $81.00 to $79.00 in a research note on Friday, September 20th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Prosperity Bancshares has an average rating of “Moderate Buy” and an average price target of $78.96.

About Prosperity Bancshares

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.