Barrow Hanley Mewhinney & Strauss LLC Boosts Stake in Prosperity Bancshares, Inc. $PB

Barrow Hanley Mewhinney & Strauss LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 25.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,756 shares of the bank’s stock after purchasing an additional 25,939 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned approximately 0.14% of Prosperity Bancshares worth $8,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. American Century Companies Inc. boosted its stake in shares of Prosperity Bancshares by 48.7% during the third quarter. American Century Companies Inc. now owns 2,122,031 shares of the bank’s stock valued at $140,797,000 after purchasing an additional 695,114 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Prosperity Bancshares by 231.1% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 53,875 shares of the bank’s stock worth $3,575,000 after buying an additional 37,602 shares during the period. Boston Partners increased its stake in Prosperity Bancshares by 68.9% in the 2nd quarter. Boston Partners now owns 554,502 shares of the bank’s stock worth $38,945,000 after buying an additional 226,232 shares during the period. SG Americas Securities LLC lifted its holdings in Prosperity Bancshares by 634.1% during the 3rd quarter. SG Americas Securities LLC now owns 16,371 shares of the bank’s stock valued at $1,086,000 after buying an additional 14,141 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Prosperity Bancshares in the 3rd quarter valued at about $1,488,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $71.99, for a total transaction of $43,194.00. Following the completion of the transaction, the director owned 42,700 shares in the company, valued at $3,073,973. The trade was a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 13,200 shares of company stock valued at $936,078. 4.20% of the stock is owned by insiders.

Prosperity Bancshares Stock Down 1.6%

Shares of PB stock opened at $65.82 on Thursday. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 0.94 and a beta of 0.66. Prosperity Bancshares, Inc. has a 52-week low of $61.06 and a 52-week high of $77.20. The company’s 50 day moving average is $71.51 and its 200 day moving average is $68.90.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.01. The business had revenue of $317.73 million for the quarter, compared to the consensus estimate of $319.30 million. Prosperity Bancshares had a return on equity of 7.11% and a net margin of 31.22%.The business’s revenue was down 5.9% compared to the same quarter last year. During the same period last year, the business posted $1.37 EPS. Analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.6%. Prosperity Bancshares’s payout ratio is presently 41.88%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Janney Montgomery Scott downgraded shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 3rd. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $75.00 to $68.00 in a report on Monday, February 2nd. Cantor Fitzgerald increased their price objective on Prosperity Bancshares from $81.00 to $83.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. DA Davidson restated a “neutral” rating and set a $76.00 price objective on shares of Prosperity Bancshares in a report on Thursday, January 29th. Finally, Morgan Stanley lifted their target price on Prosperity Bancshares from $80.00 to $91.00 and gave the company an “overweight” rating in a research report on Monday, March 2nd. Seven investment 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $78.92.

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.