Hodges Capital Management Inc. Sells 67,368 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Hodges Capital Management Inc. has reduced its stake in Prosperity Bancshares by 45.8% in the first quarter, owning 79,863 shares valued at approximately $5.7 million after selling 67,368 shares.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, with a yield of 3.4%, set to be paid on October 1st.
• Several hedge funds have increased their positions in Prosperity Bancshares, including Jane Street Group LLC, which lifted its holdings by 182.8%, now owning 104,755 shares valued at $7.5 million.

Hodges Capital Management Inc. decreased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 45.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 79,863 shares of the bank's stock after selling 67,368 shares during the period. Hodges Capital Management Inc. owned about 0.08% of Prosperity Bancshares worth $5,700,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Prosperity Bancshares by 8.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock worth $525,000 after purchasing an additional 561 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Prosperity Bancshares by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after purchasing an additional 855 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Prosperity Bancshares by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock worth $4,156,000 after purchasing an additional 1,016 shares in the last quarter. Amundi bought a new stake in shares of Prosperity Bancshares during the 1st quarter worth approximately $4,060,000. Finally, Teacher Retirement System of Texas raised its stake in shares of Prosperity Bancshares by 23.1% during the 1st quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after purchasing an additional 4,098 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PB. Piper Sandler dropped their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Citigroup reiterated a "neutral" rating and set a $68.00 price objective (down previously from $78.00) on shares of Prosperity Bancshares in a research report on Monday. Hovde Group lowered their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Finally, Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They set an "overweight" rating and a $78.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average target price of $83.13.

Prosperity Bancshares Stock Up 0.9%

Shares of PB stock traded up $0.57 during mid-day trading on Wednesday, reaching $65.78. 208,502 shares of the stock traded hands, compared to its average volume of 721,135. The stock's fifty day simple moving average is $68.79 and its two-hundred day simple moving average is $69.38. Prosperity Bancshares, Inc. has a 1-year low of $61.57 and a 1-year high of $86.75. The company has a market cap of $6.25 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 0.99 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. During the same period last year, the company earned $1.22 earnings per share. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's payout ratio is presently 42.18%.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total value of $33,595.00. Following the completion of the sale, the director directly owned 93,415 shares in the company, valued at approximately $6,276,553.85. The trade was a 0.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 14,300 shares of company stock valued at $995,019 in the last ninety days. 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.