Charles Schwab Investment Management Inc. Has $84.25 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Charles Schwab Investment Management Inc. lowered its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 0.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,180,407 shares of the bank’s stock after selling 7,801 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.24% of Prosperity Bancshares worth $84,246,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Quarry LP bought a new position in Prosperity Bancshares during the fourth quarter worth about $88,000. Fifth Third Bancorp increased its position 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 during the period. Chilton Capital Management LLC bought a new position in Prosperity Bancshares during the first quarter worth about $105,000. PNC Financial Services Group Inc. increased its position in Prosperity Bancshares by 9.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,968 shares of the bank’s stock worth $212,000 after acquiring an additional 249 shares during the period. Finally, New England Research & Management Inc. bought a new position in Prosperity Bancshares during the first quarter worth about $212,000. 80.69% of the stock is owned by institutional investors.

Prosperity Bancshares Price Performance

NYSE:PB opened at $68.50 on Thursday. The firm’s 50 day simple moving average is $69.81 and its 200 day simple moving average is $71.17. Prosperity Bancshares, Inc. has a one year low of $61.57 and a one year high of $86.75. The company has a market cap of $6.51 billion, a PE ratio of 12.45, a P/E/G ratio of 1.00 and a beta of 0.71.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The business had revenue of $310.70 million for the quarter, compared to the consensus estimate of $315.66 million. During the same period last year, the company earned $1.22 EPS. Equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm 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 dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 annualized dividend and a yield of 3.4%. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 42.18%.

Insider Buying and Selling

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $66.33, for a total transaction of $33,165.00. Following the sale, the director directly owned 95,915 shares in the company, valued at $6,362,041.95. This trade represents a 0.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 13,200 shares of company stock worth $927,623. 4.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

PB has been the topic of a number of recent research reports. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Piper Sandler lowered their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Keefe, Bruyette & Woods reduced their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an “outperform” rating on the stock in a research note on Monday, May 5th. Hovde Group reduced their price objective on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Thursday, July 24th. Finally, Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.57.

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.