Inscription Capital LLC Has $2.09 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Inscription Capital LLC lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,966 shares of the bank’s stock after selling 500 shares during the quarter. Inscription Capital LLC’s holdings in Prosperity Bancshares were worth $2,088,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its holdings in Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock worth $29,000 after acquiring an additional 177 shares during the last quarter. Tectonic Advisors LLC grew its holdings in Prosperity Bancshares by 3.0% during the 3rd quarter. Tectonic Advisors LLC now owns 7,058 shares of the bank’s stock worth $509,000 after acquiring an additional 206 shares during the last quarter. GHP Investment Advisors Inc. grew its holdings in Prosperity Bancshares by 1.3% during the 3rd quarter. GHP Investment Advisors Inc. now owns 17,967 shares of the bank’s stock worth $1,295,000 after acquiring an additional 228 shares during the last quarter. Retirement Systems of Alabama grew its holdings in Prosperity Bancshares by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 117,692 shares of the bank’s stock worth $7,742,000 after acquiring an additional 319 shares during the last quarter. Finally, Inspire Investing LLC grew its holdings in 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 acquiring an additional 328 shares during the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

PB stock traded up $0.54 during mid-day trading on Monday, hitting $72.80. 22,499 shares of the company were exchanged, compared to its average volume of 569,607. The firm has a market cap of $6.98 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.52 and a beta of 0.89. The firm’s 50 day simple moving average is $72.21 and its 200 day simple moving average is $66.70. Prosperity Bancshares, Inc. has a 1-year low of $53.67 and a 1-year high of $75.28.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The firm had revenue of $459.00 million for the quarter, compared to the consensus estimate of $299.83 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the company posted $1.20 EPS. On average, equities research analysts predict that Prosperity Bancshares, Inc. will post 5.03 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.58 per share. This is an increase from Prosperity Bancshares’s previous quarterly dividend of $0.56. This represents a $2.32 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is 53.46%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Piper Sandler raised their target price on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Raymond James lowered shares of Prosperity Bancshares from a “strong-buy” rating to an “outperform” rating and set a $80.00 target price on the stock. in a research note on Tuesday, September 17th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. DA Davidson lowered shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their target price for the company from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Truist Financial lowered shares of Prosperity Bancshares from a “buy” rating to a “hold” rating and reduced their target price for the company from $81.00 to $79.00 in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.96.

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.