Vanguard Group Inc. Has $690.86 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Vanguard Group Inc. lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,679,961 shares of the bank's stock after selling 100,045 shares during the quarter. Vanguard Group Inc. owned 10.16% of Prosperity Bancshares worth $690,859,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in shares of Prosperity Bancshares by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock valued at $345,575,000 after acquiring an additional 48,304 shares in the last quarter. Snyder Capital Management L P lifted its holdings in shares of Prosperity Bancshares by 7.3% in the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after buying an additional 83,488 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Prosperity Bancshares by 25.1% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,112,574 shares of the bank's stock worth $79,404,000 after buying an additional 223,355 shares in the last quarter. Northern Trust Corp increased its position in shares of Prosperity Bancshares by 25.5% in the fourth 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 during the last quarter. Finally, AQR Capital Management LLC grew its position in Prosperity Bancshares by 3.4% during the fourth 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 during the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

NYSE:PB traded down $1.11 during mid-day trading on Friday, reaching $67.19. The company's stock had a trading volume of 786,350 shares, compared to its average volume of 913,779. The company's fifty day simple moving average is $69.75 and its two-hundred day simple moving average is $70.94. The stock has a market cap of $6.38 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.71. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data 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. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. The business had revenue of $310.70 million during the quarter, compared to analyst estimates of $315.66 million. During the same quarter in the prior year, the firm posted $1.22 earnings per share. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio (DPR) is 42.18%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PB. 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. Royal Bank Of Canada decreased their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research note on Thursday, April 24th. Piper Sandler dropped their target price 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 dropped 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. Finally, Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $84.57.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $67.88, for a total value of $33,940.00. Following the transaction, the director directly owned 95,415 shares in the company, valued at $6,476,770.20. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 14,300 shares of company stock valued at $1,002,309. 4.20% of the stock is currently owned by company 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.