Harbor Capital Advisors Inc. Purchases 12,857 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Harbor Capital Advisors Inc. increased its position in Prosperity Bancshares, Inc. (NYSE:PB) by 112.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 24,322 shares of the bank’s stock after acquiring an additional 12,857 shares during the period. Harbor Capital Advisors Inc.’s holdings in Prosperity Bancshares were worth $1,753,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in shares of Prosperity Bancshares by 3.4% during the 3rd quarter. US Bancorp DE now owns 4,720 shares of the bank’s stock valued at $340,000 after acquiring an additional 153 shares during the last quarter. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% during the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares during the last quarter. Tectonic Advisors LLC raised its position in shares of Prosperity Bancshares by 3.0% in the third quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock valued at $509,000 after purchasing an additional 206 shares during the period. GHP Investment Advisors Inc. lifted its stake in shares of Prosperity Bancshares by 1.3% in the third quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock worth $1,295,000 after buying an additional 228 shares during the last quarter. Finally, Inspire Investing LLC boosted its holdings in shares of Prosperity Bancshares by 6.1% during the 2nd quarter. Inspire Investing LLC now owns 5,739 shares of the bank’s stock worth $351,000 after buying an additional 328 shares during the period. Institutional investors own 80.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on PB shares. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, August 28th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $75.00 to $86.00 in a report on Monday, August 5th. DA Davidson lowered Prosperity Bancshares from a “buy” rating to a “neutral” rating and cut their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Finally, Piper Sandler raised their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Prosperity Bancshares Stock Performance

Shares of PB stock opened at $73.86 on Wednesday. The firm has a fifty day moving average of $72.43 and a 200-day moving average of $67.36. Prosperity Bancshares, Inc. has a 52-week low of $54.38 and a 52-week high of $75.51. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 15.68, a P/E/G ratio of 1.09 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. During the same quarter last year, the company earned $1.20 earnings per share. On average, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.14%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio is 47.56%.

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.