Dimensional Fund Advisors LP Purchases 205,291 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Dimensional Fund Advisors LP boosted its stake in Prosperity Bancshares by 4.3% in the first quarter, buying 205,291 additional shares and bringing its holdings to 4.93 million shares valued at about $331.1 million.
• Prosperity Bancshares reported better-than-expected quarterly earnings of $1.50 per share on revenue of $367.62 million, topping analyst estimates and showing 19.9% revenue growth year over year.
• Analyst sentiment remains mixed but generally cautious: the stock has a consensus Hold rating with an average target price of $76.36, while shares recently opened at $73.15.

Dimensional Fund Advisors LP increased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,929,309 shares of the bank's stock after buying an additional 205,291 shares during the period. Dimensional Fund Advisors LP owned 4.86% of Prosperity Bancshares worth $331,142,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Prosperity Bancshares by 21.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,198 shares of the bank's stock valued at $2,155,000 after acquiring an additional 5,326 shares during the period. NewEdge Advisors LLC increased its stake in shares of Prosperity Bancshares by 36.8% during the 1st quarter. NewEdge Advisors LLC now owns 7,295 shares of the bank's stock worth $521,000 after purchasing an additional 1,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Prosperity Bancshares by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 346,151 shares of the bank's stock valued at $24,705,000 after purchasing an additional 17,345 shares during the period. Jane Street Group LLC raised its holdings in shares of Prosperity Bancshares by 182.8% in the 1st quarter. Jane Street Group LLC now owns 104,755 shares of the bank's stock valued at $7,476,000 after purchasing an additional 67,712 shares during the period. Finally, Sivia Capital Partners LLC acquired a new stake in Prosperity Bancshares in the 2nd quarter valued at about $359,000. 80.69% of the stock is owned by institutional investors.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $69.62, for a total transaction of $41,772.00. Following the transaction, the director directly owned 40,800 shares of the company's stock, valued at approximately $2,840,496. This trade represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 12,100 shares of company stock valued at $849,312 in the last 90 days. Corporate insiders own 3.96% of the company's stock.

Analyst Upgrades and Downgrades

PB has been the subject of a number of research analyst reports. Morgan Stanley reiterated an "equal weight" rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Wall Street Zen upgraded Prosperity Bancshares from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. TD Cowen raised their price objective on Prosperity Bancshares from $77.00 to $79.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Benchmark started coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 target price on shares of Prosperity Bancshares in a report on Tuesday, June 23rd. Five investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $76.36.

Prosperity Bancshares Stock Performance

PB opened at $73.15 on Wednesday. The business has a fifty day simple moving average of $70.73 and a 200 day simple moving average of $70.12. The company has a market capitalization of $7.38 billion, a PE ratio of 13.25, a price-to-earnings-growth ratio of 1.17 and a beta of 0.63. Prosperity Bancshares, Inc. has a 1 year low of $61.06 and a 1 year high of $77.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The bank reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm had revenue of $367.62 million for the quarter, compared to analysts' expectations of $358.60 million. During the same quarter last year, the business earned $1.37 EPS. The company's quarterly revenue was up 19.9% compared to the same quarter last year. Research analysts expect that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

About Prosperity Bancshares

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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