Trexquant Investment LP Purchases 10,759 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Trexquant Investment LP increased its holdings in Prosperity Bancshares by 88.9% in Q1, acquiring an additional 10,759 shares, bringing its total to 22,867 shares valued at $1,632,000.
• Prosperity Bancshares announced a quarterly dividend of $0.58 per share, equating to an annualized yield of 3.4%, with the payment date set for October 1.
• Wall Street analysts have a consensus rating of “Moderate Buy” for Prosperity Bancshares, with a price target averaging $84.13 following several recent adjustments in target prices by different firms.

Trexquant Investment LP lifted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 88.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,867 shares of the bank's stock after purchasing an additional 10,759 shares during the period. Trexquant Investment LP's holdings in Prosperity Bancshares were worth $1,632,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Prosperity Bancshares by 8.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock worth $525,000 after purchasing an additional 561 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Prosperity Bancshares by 0.4% during the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after purchasing an additional 855 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Prosperity Bancshares by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 58,236 shares of the bank's stock worth $4,156,000 after purchasing an additional 1,016 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Prosperity Bancshares by 23.1% during the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after purchasing an additional 4,098 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Prosperity Bancshares by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank's stock worth $212,000 after purchasing an additional 249 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of analyst reports. Hovde Group dropped their target price on shares of Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Citigroup raised their price objective on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, August 26th. Piper Sandler lowered their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a "buy" rating and a $85.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $84.13.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction dated 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 directly owned 45,400 shares in the company, valued at $3,192,074. This represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 15,400 shares of company stock valued at $1,072,938. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares Stock Performance

Shares of Prosperity Bancshares stock opened at $67.91 on Friday. The company has a market capitalization of $6.45 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.03 and a beta of 0.74. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.75. The company has a fifty day moving average of $69.66 and a 200 day moving average of $69.91.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share (EPS) 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 net margin of 29.37% and a return on equity of 6.99%. During the same period in the prior year, the company earned $1.22 EPS. Analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

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