Prosperity Bancshares, Inc. $PB Shares Acquired by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC increased its stake in Prosperity Bancshares by 4.3%, holding approximately 0.11% of the company valued at $7.32 million as of its latest SEC filing.
• Prosperity Bancshares recently announced a quarterly dividend of $0.58 per share, leading to an annualized yield of 3.5%.
• The company's stock has seen an EPS of $1.42 in its latest earnings report, surpassing analyst expectations and indicating an expectation of 5.83 EPS for the current year.

Wedge Capital Management L L P NC increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,254 shares of the bank's stock after purchasing an additional 4,318 shares during the period. Wedge Capital Management L L P NC owned approximately 0.11% of Prosperity Bancshares worth $7,323,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PB. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Prosperity Bancshares in the 1st quarter valued at about $48,000. Parallel Advisors LLC increased its holdings in Prosperity Bancshares by 16.8% in the 2nd quarter. Parallel Advisors LLC now owns 978 shares of the bank's stock worth $69,000 after purchasing an additional 141 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Prosperity Bancshares by 38.6% in the second quarter. UMB Bank n.a. now owns 1,024 shares of the bank's stock valued at $72,000 after buying an additional 285 shares during the period. Fifth Third Bancorp boosted its stake 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 acquiring an additional 396 shares in the last quarter. Finally, Quarry LP boosted its holdings in Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank's stock worth $97,000 after acquiring an additional 195 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

PB has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on Prosperity Bancshares in a report on Wednesday, September 10th. They issued an "overweight" rating and a $78.00 target price on the stock. 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. Citigroup reaffirmed a "neutral" rating and set a $68.00 price target (down previously from $78.00) on shares of Prosperity Bancshares in a research note on Monday, September 15th. Finally, 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. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $83.40.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $65.84, for a total value of $32,920.00. Following the sale, the director directly owned 92,915 shares of the company's stock, valued at approximately $6,117,523.60. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 15,400 shares of company stock valued at $1,067,419 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Down 0.3%

PB traded down $0.22 on Tuesday, hitting $65.29. The company had a trading volume of 349,961 shares, compared to its average volume of 736,783. The company has a market cap of $6.20 billion, a PE ratio of 11.85, a PEG ratio of 0.99 and a beta of 0.74. Prosperity Bancshares, Inc. has a 12-month low of $61.57 and a 12-month high of $86.75. The business's fifty day simple moving average is $68.13 and its 200 day simple moving average is $69.13.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter in the previous year, the firm posted $1.22 earnings per share. On average, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 42.18%.

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.