Wedge Capital Management L L P NC Sells 13,583 Shares of Prosperity Bancshares, Inc. $PB

Key Points

• Wedge Capital Management cut its Prosperity Bancshares position by 19.2%, selling 13,583 shares and retaining 57,206 shares valued at approximately $4.18 million. Institutional investors collectively own 80.69% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $78.36; Prosperity Bancshares recently traded at $74.62, near its 52-week high of $77.20.
• Prosperity Bancshares exceeded quarterly EPS expectations, reporting $1.62 versus the $1.50 consensus estimate, while revenue rose 25.9% year over year. The company also declared a quarterly dividend of $0.60, representing a 3.2% annualized yield.

Wedge Capital Management L L P NC decreased its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 19.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,206 shares of the bank's stock after selling 13,583 shares during the period. Wedge Capital Management L L P NC owned approximately 0.06% of Prosperity Bancshares worth $4,178,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Danske Bank A S purchased a new stake in Prosperity Bancshares during the 3rd quarter valued at about $40,000. SouthState Bank Corp bought a new position in shares of Prosperity Bancshares in the fourth quarter worth approximately $49,000. Osaic Holdings Inc. grew its holdings in shares of Prosperity Bancshares by 34.9% in the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank's stock worth $51,000 after purchasing an additional 186 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new position in shares of Prosperity Bancshares in the fourth quarter worth $55,000. Finally, Group One Trading LLC purchased a new position in shares of Prosperity Bancshares in the fourth quarter worth $66,000. Institutional investors own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Morgan Stanley reiterated an "equal weight" rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Royal Bank Of Canada boosted their price objective on shares of Prosperity Bancshares from $78.00 to $80.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. Benchmark started coverage on shares of Prosperity Bancshares in a research note on Wednesday, June 24th. They set a "hold" rating for the company. Piper Sandler increased their target price on shares of Prosperity Bancshares from $75.00 to $80.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Finally, TD Cowen raised their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $78.36.

Prosperity Bancshares Stock Performance

Prosperity Bancshares stock opened at $74.62 on Friday. The stock's 50 day simple moving average is $72.65 and its two-hundred day simple moving average is $70.37. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.81 and a beta of 0.64. Prosperity Bancshares, Inc. has a fifty-two week low of $61.06 and a fifty-two week high of $77.20.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.12. The firm had revenue of $369.18 million during the quarter, compared to analyst estimates of $380.73 million. Prosperity Bancshares had a return on equity of 7.39% and a net margin of 29.95%.The business's revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.42 EPS. As a group, analysts expect that Prosperity Bancshares, Inc. will post 6.45 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Prosperity Bancshares's dividend payout ratio is presently 41.59%.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 600 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $68.78, for a total value of $41,268.00. Following the completion of the transaction, the director owned 40,500 shares in the company, valued at approximately $2,785,590. This represents a 1.46% 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 sold a total of 12,100 shares of company stock valued at $867,559 in the last ninety days. 3.96% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Profile

Prosperity Bancshares, Inc is a holding company for Prosperity Bank, offering a broad range of commercial and consumer banking services across Texas, Oklahoma, Arkansas and Louisiana. Through its network of branches and digital platforms, the company provides deposit products, business and real estate lending, treasury management, mortgage origination and servicing, as well as wealth management and trust services.

Originally chartered in 1911 as First National Bank in McKinney, Texas, the organization rebranded to Prosperity Bank in 2009 following a series of strategic acquisitions aimed at deepening its regional presence.

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