Interval Partners LP Has $6.02 Million Stake in Prosperity Bancshares, Inc. $PB

Key Points

• Interval Partners LP reduced its stake in Prosperity Bancshares by 7.6%, selling 6,890 shares during the first quarter, and now holds approximately 0.09% of the company valued at $6.015 million.
• Prosperity Bancshares has recently experienced various analyst reports, with Citigroup raising its price target from $76.00 to $78.00, while Piper Sandler lowered theirs from $86.00 to $84.00.
• The company declared a quarterly dividend of $0.58 per share, which will be paid on October 1st, resulting in an annualized dividend yield of 3.4%.

Interval Partners LP lessened its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 84,278 shares of the bank's stock after selling 6,890 shares during the period. Interval Partners LP owned about 0.09% of Prosperity Bancshares worth $6,015,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Prosperity Bancshares in the first quarter worth about $48,000. Fifth Third Bancorp raised 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 worth $91,000 after purchasing an additional 396 shares in the last quarter. Quarry LP raised its position in Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after purchasing an additional 195 shares in the last quarter. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares in the first quarter worth about $105,000. Finally, State of Wyoming raised its position in Prosperity Bancshares by 13.8% in the first quarter. State of Wyoming now owns 2,565 shares of the bank's stock worth $183,000 after purchasing an additional 311 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on PB. Cantor Fitzgerald began coverage on shares of Prosperity Bancshares in a research report on Wednesday. They issued an "overweight" rating and a $78.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Hovde Group dropped their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Citigroup raised their price objective on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Finally, Piper Sandler dropped their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $83.75.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction 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 directly owned 45,300 shares of the company's stock, valued at $3,067,263. This trade represents a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 14,300 shares of company stock worth $995,597 over the last quarter. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Up 0.7%

PB stock traded up $0.50 during midday trading on Wednesday, reaching $67.40. The company's stock had a trading volume of 122,698 shares, compared to its average volume of 713,758. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The stock has a market cap of $6.40 billion, a PE ratio of 12.25, a price-to-earnings-growth ratio of 1.02 and a beta of 0.74. The business's 50-day simple moving average is $69.49 and its 200-day simple moving average is $69.72.

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

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.58 per share. 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 dividend payout ratio (DPR) is currently 42.18%.

About Prosperity Bancshares

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.