Interval Partners LP Sells 6,890 Shares of 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 trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,278 shares of the bank's stock after selling 6,890 shares during the quarter. Interval Partners LP owned approximately 0.09% of Prosperity Bancshares worth $6,015,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PB. Hsbc Holdings PLC purchased a new stake in shares of Prosperity Bancshares in the fourth quarter worth about $298,000. Mercer Global Advisors Inc. ADV raised its stake in Prosperity Bancshares by 8.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 7,977 shares of the bank's stock valued at $601,000 after purchasing an additional 590 shares in the last quarter. Algert Global LLC raised its stake in Prosperity Bancshares by 39.1% in the fourth quarter. Algert Global LLC now owns 30,959 shares of the bank's stock valued at $2,333,000 after purchasing an additional 8,704 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Prosperity Bancshares by 7.3% in the fourth quarter. Ameriprise Financial Inc. now owns 319,320 shares of the bank's stock valued at $24,065,000 after purchasing an additional 21,857 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Prosperity Bancshares by 4.3% in the fourth quarter. Bank of America Corp DE now owns 259,125 shares of the bank's stock valued at $19,525,000 after purchasing an additional 10,622 shares in the last quarter. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Stock Down 1.3%

Shares of Prosperity Bancshares stock traded down $0.89 during trading on Friday, reaching $67.91. The company's stock had a trading volume of 1,482,717 shares, compared to its average volume of 962,606. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.02 and a beta of 0.74. The firm's 50-day moving average is $69.66 and its two-hundred day moving average is $69.80.

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 company had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same quarter in the prior year, the company earned $1.22 EPS. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a $0.58 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 42.18%.

Insider Activity

In other news, Director Ned S. Holmes sold 600 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $70.31, for a total value of $42,186.00. Following the transaction, the director owned 45,400 shares in the company, valued at approximately $3,192,074. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 15,400 shares of company stock valued at $1,072,938 in the last quarter. 4.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PB. Wall Street Zen raised shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. 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 note on Thursday, July 24th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They issued a "buy" rating and a $85.00 target price on the stock. 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 note on Thursday, July 24th. Finally, Citigroup raised their target price on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, August 26th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and an average target price of $84.13.

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.