Los Angeles Capital Management LLC Grows Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Los Angeles Capital Management LLC increased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 15.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,302 shares of the bank's stock after purchasing an additional 9,887 shares during the period. Los Angeles Capital Management LLC owned approximately 0.08% of Prosperity Bancshares worth $5,303,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. HighTower Advisors LLC boosted its holdings in Prosperity Bancshares by 18.9% during the 4th quarter. HighTower Advisors LLC now owns 25,756 shares of the bank's stock worth $1,941,000 after acquiring an additional 4,096 shares during the last quarter. Xponance Inc. boosted its holdings in Prosperity Bancshares by 5.6% during the 4th quarter. Xponance Inc. now owns 10,629 shares of the bank's stock worth $801,000 after acquiring an additional 566 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in Prosperity Bancshares by 13.5% during the 4th quarter. Teacher Retirement System of Texas now owns 17,720 shares of the bank's stock worth $1,335,000 after acquiring an additional 2,112 shares during the last quarter. American Century Companies Inc. boosted its holdings in Prosperity Bancshares by 0.8% during the 4th quarter. American Century Companies Inc. now owns 31,013 shares of the bank's stock worth $2,337,000 after acquiring an additional 255 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Prosperity Bancshares during the 4th quarter worth $1,471,000. 80.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $70.21, for a total transaction of $35,105.00. Following the completion of the sale, the director owned 96,915 shares of the company's stock, valued at approximately $6,804,402.15. This represents a 0.51% 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 sold a total of 12,500 shares of company stock worth $885,446 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PB. Barclays cut their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Piper Sandler cut their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday. Jefferies Financial Group assumed coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price target on the stock. Royal Bank Of Canada cut their price target on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Hovde Group cut their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.27.

Prosperity Bancshares Stock Performance

PB traded down $1.29 during midday trading on Thursday, hitting $68.24. The stock had a trading volume of 580,345 shares, compared to its average volume of 649,894. The company has a market cap of $6.50 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 1.01 and a beta of 0.68. The business has a fifty day moving average of $70.93 and a 200 day moving average of $72.23. Prosperity Bancshares, Inc. has a 1 year low of $61.57 and a 1 year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. During the same quarter in the prior year, the firm earned $1.22 earnings per share. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

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.