Cambiar Investors LLC Has $1.85 Million Position in Prosperity Bancshares, Inc. $PB

Key Points

• Cambiar Investors LLC reduced its stake in Prosperity Bancshares by 16.4%, selling 5,089 shares, and now holds 25,852 shares valued at approximately $1.85 million.
• Several other investors have made moves regarding Prosperity Bancshares, with Fifth Third Bancorp increasing its holdings by 44.9% in the same quarter.
• Prosperity Bancshares declared a quarterly dividend of $0.58 per share, which is set to yield 3.5% annually, with a dividend payout ratio of 42.18%.

Cambiar Investors LLC lowered its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 16.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 25,852 shares of the bank's stock after selling 5,089 shares during the period. Cambiar Investors LLC's holdings in Prosperity Bancshares were worth $1,845,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC grew its holdings in 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 purchasing an additional 561 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after buying an additional 855 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock worth $4,156,000 after buying an additional 1,016 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Prosperity Bancshares by 23.1% during the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after buying an additional 4,098 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Prosperity Bancshares by 9.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after buying an additional 249 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $3,205,680. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 14,300 shares of company stock valued at $998,411 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Trading Up 3.4%

Prosperity Bancshares stock traded up $2.3170 during trading hours on Friday, reaching $69.7670. 1,174,532 shares of the stock were exchanged, compared to its average volume of 900,561. The company has a market cap of $6.63 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.01 and a beta of 0.71. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75. The stock has a 50 day moving average of $69.58 and a two-hundred day moving average of $70.59.

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

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.3%. Prosperity Bancshares's dividend payout ratio is 42.18%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Piper Sandler cut 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. Hovde Group cut 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, Keefe, Bruyette & Woods lowered their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average target price of $84.57.

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.