Federated Hermes Inc. Buys 34,285 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Federated Hermes Inc. lifted its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 266.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 47,136 shares of the bank's stock after buying an additional 34,285 shares during the period. Federated Hermes Inc. owned approximately 0.05% of Prosperity Bancshares worth $3,193,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Planned Solutions Inc. acquired a new position in shares of Prosperity Bancshares in the 4th quarter worth $37,000. Spire Wealth Management grew its holdings in shares of 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 acquiring an additional 194 shares during the last quarter. Covestor Ltd grew its holdings in shares of 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 acquiring an additional 244 shares during the last quarter. Oak Thistle LLC acquired a new position in shares of Prosperity Bancshares in the 4th quarter worth $205,000. Finally, Amica Retiree Medical Trust grew its holdings in shares of Prosperity Bancshares by 417.3% in the 3rd quarter. Amica Retiree Medical Trust now owns 3,833 shares of the bank's stock worth $209,000 after acquiring an additional 3,092 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Prosperity Bancshares Trading Down 0.9 %

NYSE PB traded down $0.58 on Friday, reaching $63.55. The stock had a trading volume of 640,645 shares, compared to its average volume of 422,527. The business has a 50 day moving average price of $62.58 and a 200 day moving average price of $61.77. Prosperity Bancshares, Inc. has a 1 year low of $49.60 and a 1 year high of $68.88. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 14.64, a P/E/G ratio of 1.28 and a beta of 0.93.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, April 24th. The bank reported $1.18 EPS for the quarter, beating 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 firm had revenue of $420.78 million for the quarter, compared to the consensus estimate of $274.88 million. During the same quarter in the previous year, the company posted $1.37 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 4.99 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be given a $0.56 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.52%. Prosperity Bancshares's dividend payout ratio is currently 51.61%.

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.