T. Rowe Price Investment Management Inc. Grows Stake in Prosperity Bancshares, Inc. $PB

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Prosperity Bancshares by 14.6%, acquiring an additional 412,283 shares, bringing its total holdings to over 3.2 million shares valued at approximately $230.7 million.
• Prosperity Bancshares declared a quarterly dividend of $0.58 per share, which will be paid on October 1st to stockholders of record on September 15th, representing an annualized yield of 3.4%.
• Investment analysts have provided mixed ratings for Prosperity Bancshares, with a consensus target price of $84.57 and a majority rating of "Moderate Buy".

T. Rowe Price Investment Management Inc. lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 14.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,232,995 shares of the bank's stock after acquiring an additional 412,283 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.39% of Prosperity Bancshares worth $230,739,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in Prosperity Bancshares by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,688,304 shares of the bank's stock worth $334,595,000 after purchasing an additional 102,044 shares in the last quarter. Snyder Capital Management L P lifted its holdings in Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after purchasing an additional 83,488 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 25.1% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after purchasing an additional 223,355 shares in the last quarter. Northern Trust Corp lifted its holdings in Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after purchasing an additional 190,449 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Prosperity Bancshares by 3.4% in the 4th quarter. AQR Capital Management LLC now owns 554,525 shares of the bank's stock valued at $41,783,000 after acquiring an additional 18,338 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded up $2.3170 during trading hours on Friday, reaching $69.7670. The company had a trading volume of 1,174,532 shares, compared to its average volume of 900,561. The company has a 50-day moving average price of $69.58 and a 200 day moving average price of $70.52. The firm has a market cap of $6.63 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 1.05 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.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced 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 business 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 previous year, the firm earned $1.22 EPS. As a group, research 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. Investors of record on Monday, September 15th will be given a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.3%. Prosperity Bancshares's payout ratio is currently 42.18%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $67.35, for a total transaction of $33,675.00. Following the sale, the director directly owned 94,915 shares in the company, valued at $6,392,525.25. The trade was a 0.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 14,300 shares of company stock worth $998,411 in the last 90 days. Insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PB. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Piper Sandler decreased their price objective 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 decreased their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Nine 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, the stock presently has an average rating of "Moderate Buy" and an average price target of $84.57.

Prosperity Bancshares 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.