Prosperity Bancshares, Inc. $PB is Prospector Partners LLC's 9th Largest Position

Key Points

• Prospector Partners LLC increased its stake in Prosperity Bancshares, Inc. by 4.9% during the first quarter, now owning 276,401 shares valued at approximately $19.7 million.
• Wall Street analysts have mixed ratings on Prosperity Bancshares, with an average price target of $84.57 and 7 analysts rating it as a hold, while 9 rated it as a buy.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, reflecting a 3.5% yield, with the ex-dividend date set for September 15th.

Prospector Partners LLC raised its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 276,401 shares of the bank's stock after purchasing an additional 12,793 shares during the period. Prosperity Bancshares makes up approximately 2.2% of Prospector Partners LLC's holdings, making the stock its 9th largest holding. Prospector Partners LLC owned approximately 0.29% of Prosperity Bancshares worth $19,727,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. raised its position in Prosperity Bancshares by 1.9% during the first quarter. Raymond James Financial Inc. now owns 116,937 shares of the bank's stock valued at $8,346,000 after purchasing an additional 2,230 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Prosperity Bancshares by 2.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after buying an additional 102,044 shares during the period. Lord Abbett & CO. LLC increased its holdings in shares of Prosperity Bancshares by 23.0% in the first quarter. Lord Abbett & CO. LLC now owns 141,307 shares of the bank's stock worth $10,085,000 after buying an additional 26,383 shares during the period. Boston Partners increased its holdings in shares of Prosperity Bancshares by 28.5% in the first quarter. Boston Partners now owns 328,270 shares of the bank's stock worth $23,425,000 after buying an additional 72,890 shares during the period. Finally, Nuveen LLC purchased a new position in shares of Prosperity Bancshares in the first quarter worth about $25,491,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Jefferies Financial Group assumed coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective on the stock. Piper Sandler reduced their price target on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Hovde Group cut 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. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Finally, Keefe, Bruyette & Woods dropped their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus target price of $84.57.

Prosperity Bancshares Trading Up 3.5%

PB stock traded up $2.3850 during midday trading on Friday, hitting $69.8350. The company's stock had a trading volume of 365,523 shares, compared to its average volume of 683,190. The company has a market cap of $6.63 billion, a PE ratio of 12.71, a P/E/G ratio of 1.02 and a beta of 0.71. Prosperity Bancshares, Inc. has a 12 month low of $61.57 and a 12 month high of $86.75. The firm's 50-day moving average is $69.53 and its 200-day moving average is $70.66.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to analysts' expectations of $315.66 million. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%.During the same period in the prior year, the firm earned $1.22 EPS. Analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current 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 issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $70.30, for a total transaction of $42,180.00. Following the transaction, the director directly owned 45,600 shares of the company's stock, valued at $3,205,680. This represents a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 14,300 shares of company stock worth $998,411. 4.20% of the stock is owned by corporate insiders.

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.