Mirae Asset Global Investments Co. Ltd. Buys Shares of 16,517 Prosperity Bancshares, Inc. (NYSE:PB)

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,517 shares of the bank’s stock, valued at approximately $1,119,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Planned Solutions Inc. purchased a new position in shares of Prosperity Bancshares during the 4th quarter valued at $37,000. Spire Wealth Management boosted its stake in shares of Prosperity Bancshares by 17.7% in the third quarter. Spire Wealth Management now owns 1,290 shares of the bank’s stock worth $70,000 after acquiring an additional 194 shares during the period. Covestor Ltd grew its position in shares of Prosperity Bancshares by 12.3% during the third 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. Impact Partnership Wealth LLC bought a new stake in Prosperity Bancshares during the 3rd quarter valued at approximately $151,000. Finally, Oak Thistle LLC purchased a new position in Prosperity Bancshares in the 4th quarter worth approximately $205,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PB shares. Raymond James lifted their price objective on shares of Prosperity Bancshares from $65.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Friday, January 5th. Morgan Stanley raised shares of Prosperity Bancshares from an “underweight” rating to an “equal weight” rating and set a $69.00 price objective for the company in a report on Wednesday, February 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 target price on shares of Prosperity Bancshares in a research report on Tuesday, April 9th. Barclays assumed coverage on Prosperity Bancshares in a report on Friday, March 8th. They set an “equal weight” rating and a $68.00 price target for the company. Finally, Truist Financial reaffirmed a “buy” rating and issued a $75.00 price target on shares of Prosperity Bancshares in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.79.

Prosperity Bancshares Trading Up 1.9 %

Shares of PB stock opened at $61.95 on Tuesday. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 13.68, a P/E/G ratio of 1.23 and a beta of 0.93. Prosperity Bancshares, Inc. has a twelve month low of $49.60 and a twelve month high of $68.88. The stock has a fifty day simple moving average of $62.54 and a two-hundred day simple moving average of $61.53.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The company had revenue of $413.00 million during the quarter, compared to analyst estimates of $279.34 million. During the same period in the prior year, the firm earned $1.51 earnings per share. Research analysts predict that Prosperity Bancshares, Inc. will post 4.96 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.56 per share. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a yield of 3.62%. Prosperity Bancshares’s dividend payout ratio is currently 49.45%.

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.