MeadowBrook Investment Advisors LLC Takes $185,000 Position in Prosperity Bancshares, Inc. (NYSE:PB)

MeadowBrook Investment Advisors LLC purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, Holdings Channel reports. The firm purchased 2,570 shares of the bank’s stock, valued at approximately $185,000.

Several other large investors have also modified their holdings of PB. GAMMA Investing LLC boosted its position in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the last quarter. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC boosted its holdings in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Abich Financial Wealth Management LLC boosted its holdings in shares of Prosperity Bancshares by 12,433.3% in the 1st quarter. Abich Financial Wealth Management LLC now owns 752 shares of the bank’s stock valued at $49,000 after purchasing an additional 746 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Prosperity Bancshares in the 2nd quarter valued at $46,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Up 0.2 %

Shares of PB traded up $0.16 during midday trading on Thursday, hitting $83.11. The company had a trading volume of 51,801 shares, compared to its average volume of 572,302. The company’s 50 day moving average price is $73.40 and its 200 day moving average price is $68.08. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $85.13.

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

Prosperity Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a dividend yield of 2.79%. Prosperity Bancshares’s payout ratio is 47.56%.

Wall Street Analysts Forecast Growth

PB has been the topic of a number of research analyst reports. Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and decreased their price target for the company from $81.00 to $79.00 in a report on Friday, September 20th. Barclays lifted their price target on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. Compass Point raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 26th. DA Davidson downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

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.