Prosperity Bancshares, Inc. (NYSE:PB) Stock Position Boosted by M&T Bank Corp

M&T Bank Corp grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 31.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,209 shares of the bank’s stock after buying an additional 10,969 shares during the quarter. M&T Bank Corp’s holdings in Prosperity Bancshares were worth $3,129,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Planned Solutions Inc. bought a new stake in Prosperity Bancshares during the fourth quarter worth approximately $37,000. GAMMA Investing LLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $38,000. Signaturefd LLC boosted its stake in shares of Prosperity Bancshares by 171.5% during the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after acquiring an additional 470 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Prosperity Bancshares by 17.7% in the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock worth $70,000 after acquiring an additional 194 shares during the last quarter. Finally, Covestor Ltd raised its position in shares of Prosperity Bancshares by 12.3% during the third quarter. Covestor Ltd now owns 2,231 shares of the bank’s stock worth $122,000 after purchasing an additional 244 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Price Performance

NYSE PB opened at $63.10 on Wednesday. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The stock’s 50-day moving average is $62.56 and its two-hundred day moving average is $62.34. The firm has a market cap of $5.90 billion, a P/E ratio of 14.54, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The firm had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. During the same period in the previous year, the company earned $1.37 EPS. On average, equities analysts expect that Prosperity Bancshares, Inc. will post 4.99 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a yield of 3.55%. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 51.61%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Barclays assumed coverage on shares of Prosperity Bancshares in a research report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price objective on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $70.00 price target on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Truist Financial reissued a “buy” rating and issued a $75.00 price objective on shares of Prosperity Bancshares in a research note on Monday, April 1st. Finally, Morgan Stanley raised Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 target price on the stock in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.86.

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.