Prosperity Bancshares, Inc. (NYSE:PB) Shares Bought by M&T Bank Corp

M&T Bank Corp grew its position in Prosperity Bancshares, Inc. (NYSE:PB) by 31.1% in the fourth quarter, according to its most recent Form 13F 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 and hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC acquired a new stake in Prosperity Bancshares during the 4th quarter worth approximately $430,000. Natixis Advisors L.P. grew its position in shares of Prosperity Bancshares by 226.5% during the fourth quarter. Natixis Advisors L.P. now owns 144,994 shares of the bank’s stock worth $9,819,000 after buying an additional 100,579 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Prosperity Bancshares by 2.4% in the fourth quarter. Victory Capital Management Inc. now owns 5,928,697 shares of the bank’s stock worth $401,551,000 after acquiring an additional 136,764 shares during the last quarter. Amica Mutual Insurance Co. raised its holdings in shares of Prosperity Bancshares by 127.0% in the 4th quarter. Amica Mutual Insurance Co. now owns 69,426 shares of the bank’s stock valued at $4,702,000 after purchasing an additional 38,843 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in Prosperity Bancshares by 37.9% during the fourth quarter. Van ECK Associates Corp now owns 22,424 shares of the bank’s stock worth $1,519,000 after purchasing an additional 6,161 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

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

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $63.10 on Wednesday. The stock’s 50 day moving average price is $62.56 and its 200 day moving average price is $62.34. The company has a market cap of $5.90 billion, a PE ratio of 14.54, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $68.88.

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

Prosperity Bancshares Announces Dividend

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

Prosperity Bancshares 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.