Dynamic Technology Lab Private Ltd Acquires Shares of 6,466 Prosperity Bancshares, Inc. $PB

Key Points

• Dynamic Technology Lab Private Ltd has acquired 6,466 shares of Prosperity Bancshares, Inc. for approximately $461,000, as reported in their recent SEC filing.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, with an annualized payout of $2.32 and a dividend yield of 3.4%.
• Eleven analysts have rated Prosperity Bancshares as a Buy, with a consensus price target set at $83.75.

Dynamic Technology Lab Private Ltd acquired a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,466 shares of the bank's stock, valued at approximately $461,000.

A number of other institutional investors also recently bought and sold shares of PB. T. Rowe Price Investment Management Inc. increased its stake in Prosperity Bancshares by 14.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,232,995 shares of the bank's stock valued at $230,739,000 after purchasing an additional 412,283 shares during the period. Nuveen LLC acquired a new stake in shares of Prosperity Bancshares in the 1st quarter worth $25,491,000. AQR Capital Management LLC lifted its stake in shares of Prosperity Bancshares by 56.2% in the 1st quarter. AQR Capital Management LLC now owns 866,223 shares of the bank's stock worth $61,008,000 after acquiring an additional 311,698 shares during the period. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Prosperity Bancshares by 25.1% in the 1st 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 during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of Prosperity Bancshares by 325.1% in the 1st quarter. MetLife Investment Management LLC now owns 227,891 shares of the bank's stock worth $16,265,000 after acquiring an additional 174,287 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 0.6%

Shares of PB opened at $67.70 on Friday. The stock has a market cap of $6.43 billion, a P/E ratio of 12.31, a PEG ratio of 1.01 and a beta of 0.74. The company has a 50-day moving average of $69.24 and a two-hundred day moving average of $69.64. 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 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. The company had revenue of $310.70 million during the quarter, compared to analysts' expectations 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 in the previous year, the business posted $1.22 earnings per share. As a group, analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company 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 dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PB. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research report on Wednesday. They set an "overweight" rating and a $78.00 target price on the stock. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price on the stock. Piper Sandler lowered their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Citigroup upped their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, August 26th. Finally, Hovde Group lowered their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $83.75.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $67.71, for a total transaction of $40,626.00. Following the transaction, the director owned 45,300 shares of the company's stock, valued at approximately $3,067,263. This represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 15,400 shares of company stock worth $1,069,500 over the last quarter. Corporate insiders own 4.20% of the company's stock.

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.

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