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 bought a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 6,466 shares of the bank's stock, valued at approximately $461,000.

A number of other large investors have also recently added to or reduced their stakes in the business. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Prosperity Bancshares in the 1st quarter valued at $48,000. Fifth Third Bancorp lifted its position in 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 buying an additional 396 shares during the last quarter. Quarry LP lifted its position in Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank's stock valued at $97,000 after buying an additional 195 shares during the last quarter. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares in the first quarter valued at about $105,000. Finally, State of Wyoming lifted its holdings in shares of Prosperity Bancshares by 13.8% in the 1st quarter. State of Wyoming now owns 2,565 shares of the bank's stock worth $183,000 after acquiring an additional 311 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PB has been the topic of several recent analyst reports. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective on the stock. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research note on Wednesday, September 10th. They set an "overweight" rating and a $78.00 target price on the stock. Hovde Group reduced their price target 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. Citigroup reiterated a "neutral" rating and set a $68.00 target price (down from $78.00) on shares of Prosperity Bancshares in a report on Monday. Finally, Piper Sandler reduced their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.13.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $69.09, for a total value of $41,454.00. Following the transaction, the director directly owned 45,200 shares in the company, valued at approximately $3,122,868. The trade was a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 14,300 shares of company stock valued at $995,019 in the last quarter. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Trading Up 0.8%

NYSE:PB traded up $0.52 during midday trading on Wednesday, hitting $65.73. 65,113 shares of the company were exchanged, compared to its average volume of 720,405. The company has a fifty day simple moving average of $68.79 and a 200 day simple moving average of $69.38. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75. The company has a market capitalization of $6.24 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 0.99 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same quarter in the previous year, the firm earned $1.22 earnings per share. As a group, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. Prosperity Bancshares's payout ratio is currently 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.