Trexquant Investment LP Raises Holdings in 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 increased its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 88.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,867 shares of the bank's stock after buying an additional 10,759 shares during the quarter. Trexquant Investment LP's holdings in Prosperity Bancshares were worth $1,632,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PB. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares during the first quarter worth approximately $48,000. Fifth Third Bancorp grew its stake in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after buying an additional 396 shares in the last quarter. Chilton Capital Management LLC acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at $105,000. Quantbot Technologies LP acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at $197,000. Finally, New England Research & Management Inc. acquired a new stake in shares of Prosperity Bancshares in the first quarter valued at $212,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Up 0.6%

Shares of NYSE PB traded up $0.38 during trading hours on Thursday, reaching $67.70. The stock had a trading volume of 971,537 shares, compared to its average volume of 989,291. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.01 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 firm has a 50-day moving average of $69.24 and a 200-day moving average of $69.64.

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 analysts' consensus estimates of $1.40 by $0.02. The firm had revenue of $310.70 million during 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. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.58 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares's dividend payout ratio is 42.18%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PB shares. Hovde Group dropped their price objective on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a research note on Wednesday. They set an "overweight" rating and a $78.00 target price for the company. Jefferies Financial Group initiated coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Piper Sandler lowered their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Citigroup boosted their target price on Prosperity Bancshares from $76.00 to $78.00 and gave the stock a "buy" rating in a research note on Tuesday, August 26th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $83.75.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $67.19, for a total transaction of $33,595.00. Following the completion of the sale, the director directly owned 93,415 shares of the company's stock, valued at $6,276,553.85. This represents a 0.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 15,400 shares of company stock worth $1,069,500. 4.20% of the stock is owned by corporate insiders.

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.