Prosperity Bancshares, Inc. (NYSE:PB) Stock Holdings Cut by Fruth Investment Management

Fruth Investment Management reduced its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,652 shares of the bank’s stock after selling 200 shares during the quarter. Fruth Investment Management’s holdings in Prosperity Bancshares were worth $335,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. Vanguard Group Inc. boosted its stake in shares of Prosperity Bancshares by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank’s stock worth $656,512,000 after acquiring an additional 53,844 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Prosperity Bancshares by 3.0% during the 2nd 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. Dimensional Fund Advisors LP boosted its stake in shares of Prosperity Bancshares by 14.2% during the 2nd 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. Bank of New York Mellon Corp boosted its stake in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock worth $57,192,000 after acquiring an additional 19,224 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Prosperity Bancshares by 11.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank’s stock worth $59,923,000 after acquiring an additional 89,617 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PB. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $81.00 to $79.00 in a research note on Friday, September 20th. Raymond James downgraded Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 price target on the stock. in a report on Tuesday, September 17th. Morgan Stanley upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $75.00 to $86.00 in a report on Monday, August 5th. StockNews.com downgraded Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Finally, Stephens upgraded Prosperity Bancshares from an “equal weight” rating to an “overweight” rating in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.58.

Prosperity Bancshares Trading Up 0.4 %

PB opened at $72.92 on Tuesday. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $74.87. The stock has a fifty day moving average price of $71.66 and a 200 day moving average price of $66.09. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 1.49 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.02. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. The company had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. During the same quarter in the previous year, the firm earned $1.21 earnings per share. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.56 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.07%. Prosperity Bancshares’s dividend payout ratio is currently 51.61%.

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.