Dimensional Fund Advisors LP Grows Stock Position in Prosperity Bancshares, Inc. $PB

Key Points

• Dimensional Fund Advisors LP increased its stake in Prosperity Bancshares by 2.2%, acquiring an additional 102,044 shares during the first quarter, holding approximately 4.92% of the company valued at $334.6 million.
• Several institutional investors, including Fifth Third Bancorp and PNC Financial Services Group Inc., have also modified their positions in Prosperity Bancshares, contributing to a total institutional ownership of 80.69%.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, resulting in a 3.5% yield, with a pay date set for October 1st, indicating ongoing commitment to returning value to shareholders.

Dimensional Fund Advisors LP lifted its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,688,304 shares of the bank's stock after purchasing an additional 102,044 shares during the period. Dimensional Fund Advisors LP owned 4.92% of Prosperity Bancshares worth $334,595,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PB. North Reef Capital Management LP bought a new stake in shares of Prosperity Bancshares during the 4th quarter valued at about $29,211,000. Nuveen LLC bought a new position in Prosperity Bancshares in the first quarter worth approximately $25,491,000. Vaughan Nelson Investment Management L.P. boosted its holdings in Prosperity Bancshares by 25.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after acquiring an additional 223,355 shares in the last quarter. Northern Trust Corp boosted its holdings in Prosperity Bancshares by 25.5% in the fourth quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after acquiring an additional 190,449 shares in the last quarter. Finally, Algebris UK Ltd bought a new position in Prosperity Bancshares in the first quarter worth approximately $9,956,000. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Up 0.5%

Shares of PB traded up $0.3290 on Wednesday, reaching $67.7190. 901,912 shares of the company's stock traded hands, compared to its average volume of 684,259. The stock has a market cap of $6.43 billion, a PE ratio of 12.31, a PEG ratio of 1.01 and a beta of 0.71. The stock's 50 day simple moving average is $69.62 and its two-hundred day simple moving average is $70.76. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75.

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

Prosperity Bancshares Dividend Announcement

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

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $67.88, for a total value of $33,940.00. Following the completion of the sale, the director directly owned 95,415 shares of the company's stock, valued at $6,476,770.20. This trade represents a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders sold 13,200 shares of company stock valued at $924,320 over the last three months. Company insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PB shares. Piper Sandler cut their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Hovde Group cut their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Royal Bank Of Canada cut their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods cut their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus target price 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.