King Luther Capital Management Corp Lowers Position in Prosperity Bancshares, Inc. (NYSE:PB)

King Luther Capital Management Corp decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 61,742 shares of the bank’s stock after selling 1,220 shares during the period. King Luther Capital Management Corp’s holdings in Prosperity Bancshares were worth $4,182,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PB. Spire Wealth Management increased its holdings in shares of Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock valued at $70,000 after purchasing an additional 194 shares during the period. Treasurer of the State of North Carolina boosted its stake in Prosperity Bancshares by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 38,250 shares of the bank’s stock worth $2,088,000 after buying an additional 200 shares during the period. Covestor Ltd lifted its stake in 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 in the last quarter. Quadrant Capital Group LLC lifted its holdings in Prosperity Bancshares by 31.8% during the 4th quarter. Quadrant Capital Group LLC now owns 1,118 shares of the bank’s stock worth $76,000 after buying an additional 270 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in shares of Prosperity Bancshares by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 117,373 shares of the bank’s stock valued at $7,950,000 after buying an additional 351 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock traded down $0.15 during midday trading on Thursday, reaching $63.07. The company had a trading volume of 28,140 shares, compared to its average volume of 546,953. The stock has a fifty day moving average price of $62.75 and a 200 day moving average price of $63.04. The firm has a market cap of $6.05 billion, a PE ratio of 14.57, a P/E/G ratio of 1.37 and a beta of 0.93. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Prosperity Bancshares had a return on equity of 6.33% and a net margin of 24.50%. The business had revenue of $420.78 million during the quarter, compared to analyst estimates of $274.88 million. During the same quarter in the previous year, the firm earned $1.37 EPS. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

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.