Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by Amica Mutual Insurance Co.

Amica Mutual Insurance Co. grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 127.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,426 shares of the bank's stock after acquiring an additional 38,843 shares during the period. Amica Mutual Insurance Co. owned about 0.07% of Prosperity Bancshares worth $4,702,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in shares of Prosperity Bancshares by 37.9% in the 4th quarter. Van ECK Associates Corp now owns 22,424 shares of the bank's stock valued at $1,519,000 after acquiring an additional 6,161 shares during the last quarter. Retirement Systems of Alabama increased its stake in Prosperity Bancshares by 0.3% during the fourth quarter. Retirement Systems of Alabama now owns 117,373 shares of the bank's stock valued at $7,950,000 after purchasing an additional 351 shares during the last quarter. GAMMA Investing LLC bought a new stake in Prosperity Bancshares during the fourth quarter valued at $38,000. National Wealth Management Group LLC acquired a new stake in shares of Prosperity Bancshares during the fourth quarter worth $365,000. Finally, Wedge Capital Management L L P NC lifted its position in shares of Prosperity Bancshares by 0.5% in the 4th quarter. Wedge Capital Management L L P NC now owns 189,130 shares of the bank's stock worth $12,810,000 after buying an additional 1,010 shares during the last quarter. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Down 1.5 %

PB traded down $0.95 on Monday, reaching $62.60. The company had a trading volume of 753,701 shares, compared to its average volume of 571,249. The company has a market capitalization of $5.85 billion, a P/E ratio of 14.50, a PEG ratio of 1.27 and a beta of 0.93. The company has a fifty day moving average of $62.58 and a 200-day moving average of $61.83. Prosperity Bancshares, Inc. has a one year low of $49.60 and a one year high of $68.88.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.03. Prosperity Bancshares had a net margin of 24.50% and a return on equity of 6.33%. The business had revenue of $420.78 million during the quarter, compared to analysts' expectations of $274.88 million. During the same period last year, the firm posted $1.37 earnings per share. Research analysts predict that Prosperity Bancshares, Inc. will post 4.99 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Friday, June 14th. Prosperity Bancshares's payout ratio is currently 51.61%.

Analyst Ratings Changes

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

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.

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