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. reduced its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 45.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 79,863 shares of the bank's stock after selling 67,368 shares during the period. Hodges Capital Management Inc. owned 0.08% of Prosperity Bancshares worth $5,700,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Prosperity Bancshares during the 1st quarter worth about $48,000. Fifth Third Bancorp grew its holdings in Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after acquiring an additional 396 shares during the period. Quarry LP grew its holdings in Prosperity Bancshares by 16.7% during the 1st quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after acquiring an additional 195 shares during the period. Chilton Capital Management LLC acquired a new stake in Prosperity Bancshares during the 1st quarter worth about $105,000. Finally, State of Wyoming grew its holdings in Prosperity Bancshares by 13.8% during 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 period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock traded up $0.02 during mid-day trading on Friday, hitting $67.79. 1,039,425 shares of the stock were exchanged, compared to its average volume of 1,017,877. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The company has a 50-day simple moving average of $69.12 and a 200 day simple moving average of $69.48. The company has a market capitalization of $6.44 billion, a P/E ratio of 12.33, a P/E/G ratio of 1.02 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly 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 company had revenue of $310.70 million for 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 firm posted $1.22 EPS. Analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors 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 dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's payout ratio is 42.18%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PB. Hovde Group decreased their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Cantor Fitzgerald assumed coverage on Prosperity Bancshares in a research note on Wednesday. They issued an "overweight" rating and a $78.00 target price for the company. Citigroup lifted their price target on Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Piper Sandler cut their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Jefferies Financial Group started 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. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $83.75.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $67.19, for a total value of $33,595.00. Following the sale, the director owned 93,415 shares of the company's stock, valued at approximately $6,276,553.85. The trade was a 0.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 15,400 shares of company stock valued at $1,069,500. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Company 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.