Lazard Asset Management LLC Has $948,000 Stock Position in Prosperity Bancshares, Inc. $PB

Lazard Asset Management LLC increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 127.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 14,106 shares of the bank’s stock after purchasing an additional 7,896 shares during the period. Lazard Asset Management LLC’s holdings in Prosperity Bancshares were worth $948,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of PB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Prosperity Bancshares by 21.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank’s stock valued at $2,155,000 after buying an additional 5,326 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank’s stock worth $521,000 after acquiring an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank’s stock valued at $24,705,000 after acquiring an additional 17,345 shares during the period. Jane Street Group LLC raised its stake in Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank’s stock valued at $7,476,000 after acquiring an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter valued at $359,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $74.55 on Thursday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.01. The company has a 50-day simple moving average of $71.99 and a two-hundred day simple moving average of $70.33. The stock has a market capitalization of $7.52 billion, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 0.82 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $391.25 million for the quarter, compared to analyst estimates of $380.73 million. During the same quarter in the prior year, the business posted $1.42 EPS. The business’s revenue was up 25.9% compared to the same quarter last year. Analysts forecast that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Tuesday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is 41.59%.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $66.58, for a total value of $39,948.00. Following the completion of the transaction, the director directly owned 40,600 shares of the company’s stock, valued at $2,703,148. The trade was a 1.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 12,100 shares of company stock worth $859,253. 3.96% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of Prosperity Bancshares in a research report on Tuesday, June 23rd. Royal Bank Of Canada lifted their target price on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Piper Sandler raised their price objective on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $78.36.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.