Strs Ohio Invests $2.45 Million in Prosperity Bancshares, Inc. $PB

Key Points

• Strs Ohio acquired 34,324 shares of Prosperity Bancshares, Inc. during the first quarter, valued at approximately $2.45 million.
• The company announced a quarterly dividend of $0.58 to be paid on October 1st, representing an annualized yield of 3.5%.
• Prosperity Bancshares reported $1.42 EPS for the last quarter, beating analyst estimates, with revenues of $310.70 million.

Strs Ohio purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,324 shares of the bank's stock, valued at approximately $2,450,000.

A number of other hedge funds also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock valued at $334,595,000 after buying an additional 102,044 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Prosperity Bancshares by 14.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock worth $230,739,000 after purchasing an additional 412,283 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 25.1% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after purchasing an additional 223,355 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Prosperity Bancshares by 56.2% during the 1st quarter. AQR Capital Management LLC now owns 866,223 shares of the bank's stock worth $61,008,000 after purchasing an additional 311,698 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Prosperity Bancshares during the 1st quarter worth approximately $25,491,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $65.84, for a total transaction of $32,920.00. Following the sale, the director owned 92,915 shares of the company's stock, valued at $6,117,523.60. This trade represents a 0.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 15,400 shares of company stock worth $1,067,419. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 1.5%

Shares of PB traded down $1.01 during midday trading on Friday, hitting $66.03. The company's stock had a trading volume of 604,615 shares, compared to its average volume of 730,623. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The company's fifty day simple moving average is $68.46 and its two-hundred day simple moving average is $69.29. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 0.99 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating 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 company had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same quarter last year, the company posted $1.22 EPS. On average, research analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.5%. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Analysts Set New Price Targets

Several analysts recently weighed in on PB shares. Piper Sandler dropped their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Hovde Group dropped their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Citigroup restated a "neutral" rating and set a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday. Finally, Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They set an "overweight" rating and a $78.00 price objective on the stock. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $83.13.

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.