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 & Exchange Commission. The firm 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 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased 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 valued at $525,000 after acquiring an additional 561 shares during the last quarter. Principal Financial Group Inc. increased 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 valued at $15,634,000 after acquiring an additional 855 shares during the last quarter. Envestnet Asset Management Inc. increased 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 valued at $4,156,000 after acquiring an additional 1,016 shares during the last quarter. Teacher Retirement System of Texas increased 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 valued at $1,557,000 after acquiring an additional 4,098 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased 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 valued at $212,000 after acquiring an additional 249 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Down 1.3%

NYSE PB opened at $67.91 on Monday. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The stock has a market capitalization of $6.45 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.02 and a beta of 0.74. The firm has a 50 day moving average of $69.66 and a two-hundred day moving average of $69.80.

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

Prosperity Bancshares Announces Dividend

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

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $70.31, for a total transaction of $42,186.00. Following the completion of the transaction, the director owned 45,400 shares in the company, valued at $3,192,074. The trade was a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 15,400 shares of company stock worth $1,072,938. Insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Piper Sandler dropped their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Hovde Group dropped their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Citigroup increased their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $84.13.

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.

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