Intech Investment Management LLC Purchases Shares of 14,418 Prosperity Bancshares, Inc. $PB

Intech Investment Management LLC purchased a new position in shares of Prosperity Bancshares, Inc. (NYSE:PB) in the third quarter, according to its most recent filing with the SEC. The firm purchased 14,418 shares of the bank’s stock, valued at approximately $957,000.

Several other hedge funds have also recently made changes to their positions in the business. North Star Asset Management Inc. boosted its position in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. North Star Asset Management Inc. now owns 223,943 shares of the bank’s stock valued at $14,859,000 after purchasing an additional 1,400 shares in the last quarter. AXQ Capital LP bought a new stake in Prosperity Bancshares in the third quarter worth approximately $821,000. First Financial Bankshares Inc increased its holdings in Prosperity Bancshares by 8.5% in the third quarter. First Financial Bankshares Inc now owns 17,597 shares of the bank’s stock worth $1,168,000 after purchasing an additional 1,379 shares in the last quarter. Clearstead Advisors LLC lifted its stake in Prosperity Bancshares by 10.9% in the third quarter. Clearstead Advisors LLC now owns 1,614 shares of the bank’s stock valued at $107,000 after buying an additional 159 shares during the period. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Ameritas Investment Partners Inc. now owns 31,164 shares of the bank’s stock worth $2,068,000 after buying an additional 188 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PB. Raymond James Financial lowered shares of Prosperity Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a report on Tuesday, February 3rd. Barclays downgraded shares of Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $75.00 to $68.00 in a research note on Monday, February 2nd. Piper Sandler lowered shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $77.00 to $74.00 in a report on Thursday, January 29th. Finally, Morgan Stanley increased their price objective on shares of Prosperity Bancshares from $80.00 to $91.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $78.92.

Prosperity Bancshares Stock Down 1.1%

Shares of NYSE:PB opened at $68.73 on Monday. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The stock’s 50 day moving average is $71.68 and its 200-day moving average is $68.94. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.96 and a beta of 0.66.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.01. The business had revenue of $317.73 million during the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a net margin of 31.22% and a return on equity of 7.11%. Prosperity Bancshares’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.37 EPS. Equities research 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 disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is currently 41.88%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the firm’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $71.53, for a total value of $42,918.00. Following the transaction, the director owned 42,800 shares of the company’s stock, valued at approximately $3,061,484. This trade represents a 1.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leah Henderson sold 1,050 shares of Prosperity Bancshares stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $73.00, for a total value of $76,650.00. Following the transaction, the director owned 8,075 shares of the company’s stock, valued at $589,475. This trade represents a 11.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 14,250 shares of company stock valued at $1,018,824 over the last quarter. Corporate insiders own 4.20% of the company’s stock.

About Prosperity Bancshares

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.