Vestcor Inc Invests $482,000 in Prosperity Bancshares, Inc. (NYSE:PB)

Key Points

• Vestcor Inc recently purchased a stake in Prosperity Bancshares, Inc., acquiring 6,755 shares valued at approximately $482,000.
• Insiders have sold a total of 13,100 shares of Prosperity Bancshares stock recently, with only 4.20% of the stock currently held by insiders.
• The company announced a quarterly dividend of $0.58, representing a dividend yield of 3.5%, to be paid on October 1st to stockholders of record on September 15th.

Vestcor Inc bought a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 6,755 shares of the bank's stock, valued at approximately $482,000.

A number of other large investors have also made changes to their positions in PB. Aster Capital Management DIFC Ltd grew its holdings in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after purchasing an additional 713 shares during the last quarter. Quarry LP acquired a new stake in Prosperity Bancshares during the 4th quarter worth approximately $88,000. Fifth Third Bancorp grew its stake in shares of Prosperity Bancshares by 44.9% during the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock worth $91,000 after acquiring an additional 396 shares in the last quarter. Chilton Capital Management LLC bought a new position in shares of Prosperity Bancshares in the first quarter valued at $105,000. Finally, Quadrant Capital Group LLC grew its stake in shares of Prosperity Bancshares by 28.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,603 shares of the bank's stock valued at $121,000 after buying an additional 355 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research reports. Piper Sandler dropped their target price on Prosperity Bancshares from $86.00 to $84.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Hovde Group reduced their price target on Prosperity Bancshares from $85.00 to $83.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Keefe, Bruyette & Woods lowered their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Finally, Royal Bank Of Canada decreased their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares currently has an average rating of "Moderate Buy" and an average target price of $84.57.

Prosperity Bancshares Trading Down 1.1%

Shares of PB traded down $0.70 during midday trading on Thursday, reaching $65.37. 442,487 shares of the stock were exchanged, compared to its average volume of 671,780. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The company's 50 day moving average is $70.11 and its two-hundred day moving average is $71.59. The company has a market capitalization of $6.23 billion, a P/E ratio of 11.88, a PEG ratio of 0.99 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a return on equity of 6.99% and a net margin of 29.37%. The company had revenue of $310.70 million during the quarter, compared to analysts' expectations of $315.66 million. During the same period last year, the business posted $1.22 earnings per share. On average, sell-side analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

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

Insider Transactions at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $66.33, for a total value of $33,165.00. Following the transaction, the director owned 95,915 shares of the company's stock, valued at $6,362,041.95. This represents a 0.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 13,700 shares of company stock valued at $963,968. Insiders own 4.20% of the company's stock.

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.