Boston Partners Has $23.43 Million Position in Prosperity Bancshares, Inc. $PB

Key Points

• Boston Partners has increased its holdings in Prosperity Bancshares by 28.5%, acquiring 72,890 additional shares, bringing their total to 328,270 shares valued at approximately $23.4 million.
• Several institutional investors, including Nuveen LLC and Invesco Ltd., made notable changes to their positions in Prosperity Bancshares during the first quarter, with institutional ownership at 80.69%.
• Prosperity Bancshares reported $1.42 EPS for the latest quarter, surpassing expectations, and declared a quarterly dividend of $0.58, yielding 3.4%.

Boston Partners raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 28.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 328,270 shares of the bank's stock after acquiring an additional 72,890 shares during the period. Boston Partners owned approximately 0.34% of Prosperity Bancshares worth $23,425,000 as of its most recent SEC filing.

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

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $70.30, for a total value of $42,180.00. Following the completion of the transaction, the director owned 45,600 shares in the company, valued at approximately $3,205,680. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 13,200 shares of company stock valued at $924,320 in the last three months. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Up 0.5%

PB traded up $0.3290 during midday trading on Wednesday, reaching $67.7190. 901,912 shares of the company's stock were exchanged, compared to its average volume of 933,192. The firm has a market capitalization of $6.43 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The business has a 50-day simple moving average of $69.58 and a two-hundred day simple moving average of $70.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company posted $1.22 earnings per share. As a group, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

PB has been the subject of several research reports. Piper Sandler reduced their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Royal Bank Of Canada reduced their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Hovde Group reduced their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $84.57.

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.