GAMMA Investing LLC Makes New Investment in Prosperity Bancshares, Inc. (NYSE:PB)

GAMMA Investing LLC purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 592 shares of the bank’s stock, valued at approximately $38,000.

Other large investors have also bought and sold shares of the company. Planned Solutions Inc. acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $37,000. Signaturefd LLC increased its stake in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank’s stock worth $50,000 after purchasing an additional 470 shares in the last quarter. Spire Wealth Management increased its stake in Prosperity Bancshares by 17.7% in the 3rd quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock worth $70,000 after purchasing an additional 194 shares in the last quarter. Covestor Ltd increased its stake in Prosperity Bancshares by 12.3% in the 3rd 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. Finally, Oak Thistle LLC purchased a new position in Prosperity Bancshares in the 4th quarter worth about $205,000. Institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB opened at $63.07 on Friday. Prosperity Bancshares, Inc. has a fifty-two week low of $49.60 and a fifty-two week high of $68.88. The business has a 50-day moving average of $62.53 and a two-hundred day moving average of $62.11. The stock has a market capitalization of $5.90 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.26 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, April 24th. The bank reported $1.18 earnings per share for the quarter, topping 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 company had revenue of $420.78 million during the quarter, compared to analysts’ expectations of $274.88 million. During the same quarter in the previous year, the firm earned $1.37 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 4.99 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The firm 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. The ex-dividend date is Friday, June 14th. This represents a $2.24 annualized dividend and a dividend yield of 3.55%. Prosperity Bancshares’s dividend payout ratio is presently 51.61%.

Analyst Upgrades and Downgrades

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

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.