Prosperity Bancshares, Inc. $PB Shares Purchased by Campbell & CO Investment Adviser LLC

Key Points

• Campbell & CO Investment Adviser LLC has increased its stake in Prosperity Bancshares by 91.4%, acquiring an additional 28,567 shares, totaling approximately $4.27 million in value.
• Various institutional investors have also raised their holdings, with notable increases including Teacher Retirement System of Texas, which boosted its shares by 23.1% in the same quarter.
• The company's quarterly dividend of $0.58 will be paid on October 1, with a current annualized dividend yield of 3.3%.

Campbell & CO Investment Adviser LLC grew its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 91.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 59,837 shares of the bank's stock after buying an additional 28,567 shares during the quarter. Campbell & CO Investment Adviser LLC owned 0.06% of Prosperity Bancshares worth $4,271,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares during the 1st quarter worth $48,000. Quarry LP purchased a new position in Prosperity Bancshares during the 4th quarter worth $88,000. Fifth Third Bancorp raised its position in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after buying an additional 396 shares during the last quarter. Chilton Capital Management LLC purchased a new position in Prosperity Bancshares during the 1st quarter worth $105,000. Finally, Quantbot Technologies LP purchased a new position in Prosperity Bancshares during the 1st quarter worth $197,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PB shares. Hovde Group cut their price objective 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. Piper Sandler cut their price objective 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. Keefe, Bruyette & Woods cut their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Citigroup increased their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $84.13.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $68.85, for a total value of $34,425.00. Following the sale, the director directly owned 94,415 shares of the company's stock, valued at approximately $6,500,472.75. This represents a 0.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have sold 14,300 shares of company stock valued at $997,378. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Trading Up 0.7%

Shares of PB traded up $0.49 during trading hours on Friday, reaching $69.83. The company had a trading volume of 125,861 shares, compared to its average volume of 701,806. The firm has a 50 day simple moving average of $69.73 and a 200-day simple moving average of $70.30. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 1.05 and a beta of 0.71. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly 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. The business had revenue of $310.70 million during 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 quarter last year, the firm posted $1.22 EPS. Sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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

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.