T. Rowe Price Investment Management Inc. Purchases 412,283 Shares of 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. grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 14.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,232,995 shares of the bank's stock after buying an additional 412,283 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 3.39% of Prosperity Bancshares worth $230,739,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in PB. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Prosperity Bancshares in the first quarter worth about $48,000. Quarry LP bought a new stake in shares of Prosperity Bancshares in the fourth quarter worth $88,000. Fifth Third Bancorp boosted its holdings in Prosperity Bancshares by 44.9% during 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 during the last quarter. Chilton Capital Management LLC bought a new position in Prosperity Bancshares in the first quarter valued at $105,000. Finally, Quantbot Technologies LP acquired a new stake in Prosperity Bancshares in the 1st quarter valued at $197,000. Institutional investors own 80.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PB shares. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price objective for the company. Hovde Group reduced their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research report on Thursday, July 24th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Keefe, Bruyette & Woods lowered their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Finally, Piper Sandler cut their target price on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $84.13.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $67.35, for a total value of $33,675.00. Following the completion of the transaction, the director directly owned 94,915 shares of the company's stock, valued at $6,392,525.25. The trade was a 0.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 14,300 shares of company stock worth $998,411 over the last 90 days. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded up $0.70 during trading hours on Tuesday, reaching $69.79. 226,468 shares of the stock were exchanged, compared to its average volume of 687,358. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 1.05 and a beta of 0.71. The stock's fifty day simple moving average is $69.61 and its 200 day simple moving average is $70.37. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. The firm had revenue of $310.70 million for the quarter, compared to analyst estimates 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 posted $1.22 EPS. Research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders 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 3.3%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 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.