130,255 Shares in Prosperity Bancshares, Inc. $PB Purchased by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. acquired a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 130,255 shares of the bank's stock, valued at approximately $9,296,000. Jacobs Levy Equity Management Inc. owned about 0.14% of Prosperity Bancshares as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PB. Wealth Enhancement Advisory Services LLC raised its position in shares of Prosperity Bancshares by 8.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock worth $525,000 after acquiring an additional 561 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Prosperity Bancshares by 0.4% during the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after acquiring an additional 855 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Prosperity Bancshares by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock worth $4,156,000 after acquiring an additional 1,016 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Prosperity Bancshares by 23.1% during the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after acquiring an additional 4,098 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Prosperity Bancshares by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after acquiring an additional 249 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PB. Piper Sandler lowered their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Citigroup boosted their price objective on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a report on Tuesday, August 26th. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a report on Wednesday. They set an "overweight" rating and a $78.00 price objective for the company. Finally, Hovde Group decreased their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average target price of $83.75.

Prosperity Bancshares Stock Up 0.0%

PB stock traded up $0.02 during midday trading on Friday, hitting $67.79. The company's stock had a trading volume of 1,039,425 shares, compared to its average volume of 1,005,223. The stock's 50-day moving average price is $69.12 and its 200 day moving average price is $69.53. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.01 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.The business had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, equities analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is currently 42.18%.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $67.71, for a total transaction of $40,626.00. Following the transaction, the director owned 45,300 shares of the company's stock, valued at $3,067,263. This represents a 1.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 15,400 shares of company stock worth $1,069,500. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares 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.