Aigen Investment Management LP Increases Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Aigen Investment Management LP grew its holdings in Prosperity Bancshares, Inc. (NYSE:PB) by 91.2% during the third quarter, HoldingsChannel reports. The fund owned 7,925 shares of the bank’s stock after purchasing an additional 3,780 shares during the period. Aigen Investment Management LP’s holdings in Prosperity Bancshares were worth $571,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in Prosperity Bancshares by 59.6% in the second quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after purchasing an additional 177 shares in the last quarter. Quarry LP boosted its holdings in shares of Prosperity Bancshares by 533.3% in the 2nd quarter. Quarry LP now owns 494 shares of the bank’s stock valued at $30,000 after buying an additional 416 shares in the last quarter. Quest Partners LLC grew its position in shares of Prosperity Bancshares by 3,147.1% in the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank’s stock valued at $34,000 after buying an additional 535 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth $43,000. Finally, Headlands Technologies LLC acquired a new stake in Prosperity Bancshares during the 2nd quarter worth $46,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $82.95 on Thursday. The company has a market cap of $7.90 billion, a P/E ratio of 17.61, a PEG ratio of 1.24 and a beta of 0.89. The firm has a fifty day moving average of $73.40 and a two-hundred day moving average of $68.08. Prosperity Bancshares, Inc. has a one year low of $56.37 and a one year high of $85.13.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. The firm had revenue of $459.00 million during the quarter, compared to the consensus estimate of $299.83 million. During the same quarter last year, the firm earned $1.20 earnings per share. As a group, equities analysts predict that Prosperity Bancshares, Inc. will post 5.05 earnings per share for the current year.

Prosperity Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, December 13th. This is a positive change from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 47.56%.

Analysts Set New Price Targets

PB has been the topic of several research reports. Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $75.00 to $86.00 in a report on Monday, August 5th. Wedbush restated an “outperform” rating and set a $90.00 price target on shares of Prosperity Bancshares in a research note on Thursday, October 24th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and cut their price target for the stock from $81.00 to $79.00 in a research report on Friday, September 20th. Piper Sandler increased their price objective on Prosperity Bancshares from $73.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average 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.