Prosperity Bancshares, Inc. $PB Stock Position Lessened by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Prosperity Bancshares by 0.7%, holding approximately 1.24% of the company, valued at $84.25 million.
• Prosperity Bancshares recently announced a quarterly dividend of $0.58 per share, with a yield of 3.4%, to be paid on October 1st.
• Analysts have mixed views on Prosperity Bancshares, with a consensus rating of "Moderate Buy" and an average price target of $84.57.

Charles Schwab Investment Management Inc. trimmed its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,180,407 shares of the bank's stock after selling 7,801 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.24% of Prosperity Bancshares worth $84,246,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quarry LP purchased a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $88,000. Fifth Third Bancorp boosted its holdings in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after acquiring an additional 396 shares in the last quarter. Chilton Capital Management LLC purchased a new stake in shares of Prosperity Bancshares in the first quarter valued at about $105,000. PNC Financial Services Group Inc. boosted its holdings in Prosperity Bancshares by 9.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock valued at $212,000 after purchasing an additional 249 shares in the last quarter. Finally, New England Research & Management Inc. purchased a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $212,000. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Down 0.3%

Shares of PB traded down $0.20 during mid-day trading on Monday, reaching $66.98. 128,159 shares of the stock traded hands, compared to its average volume of 675,158. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.75. The firm has a market cap of $6.36 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 1.01 and a beta of 0.71. The stock has a fifty day simple moving average of $69.75 and a 200 day simple moving average of $70.87.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results 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. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. The business had revenue of $310.70 million for the quarter, compared to analyst estimates of $315.66 million. During the same period in the previous year, the company earned $1.22 earnings per share. On average, equities research 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 declared 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 dividend yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's payout ratio is 42.18%.

Analysts Set New Price Targets

Several brokerages have commented on PB. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Royal Bank Of Canada reduced their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Hovde Group cut their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Finally, Piper Sandler cut their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average price target of $84.57.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $67.88, for a total value of $33,940.00. Following the completion of the sale, the director owned 95,415 shares in the company, valued at approximately $6,476,770.20. The trade was a 0.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 14,300 shares of company stock valued at $1,002,309 in the last three months. 4.20% of the stock is currently owned by insiders.

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.