Dimensional Fund Advisors LP Acquires 28,994 Shares of Prosperity Bancshares, Inc. $PB

Dimensional Fund Advisors LP increased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 0.6% during the third quarter, Holdings Channel reports. The fund owned 4,784,022 shares of the bank’s stock after acquiring an additional 28,994 shares during the quarter. Dimensional Fund Advisors LP owned about 0.05% of Prosperity Bancshares worth $317,416,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Mather Group LLC. bought a new position in Prosperity Bancshares during the third quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Prosperity Bancshares during the 3rd quarter worth about $42,000. Employees Retirement System of Texas acquired a new stake in shares of Prosperity Bancshares during the 2nd quarter worth about $48,000. Osaic Holdings Inc. boosted its holdings in shares of Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares during the period. Finally, Cornerstone Planning Group LLC grew its stake in Prosperity Bancshares by 18,633.3% in the 3rd quarter. Cornerstone Planning Group LLC now owns 1,124 shares of the bank’s stock valued at $75,000 after buying an additional 1,118 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In related news, Director Leah Henderson sold 1,050 shares of the stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $73.00, for a total transaction of $76,650.00. Following the sale, the director owned 8,075 shares in the company, valued at approximately $589,475. This trade represents a 11.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ned S. Holmes sold 600 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $71.53, for a total transaction of $42,918.00. Following the completion of the transaction, the director directly owned 42,800 shares in the company, valued at $3,061,484. This trade represents a 1.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 14,250 shares of company stock worth $1,018,824. Insiders own 4.20% of the company’s stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $69.49 on Friday. The stock’s fifty day moving average price is $71.71 and its two-hundred day moving average price is $68.91. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The firm has a market cap of $7.06 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 0.98 and a beta of 0.66.

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

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, March 13th. Prosperity Bancshares’s dividend payout ratio is presently 41.88%.

Analysts Set New Price Targets

PB has been the subject of several research reports. Piper Sandler downgraded shares of Prosperity Bancshares from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $77.00 to $74.00 in a research report on Thursday, January 29th. Barclays lowered Prosperity Bancshares from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $75.00 to $68.00 in a research note on Monday, February 2nd. DA Davidson restated a “neutral” rating and issued a $76.00 price target on shares of Prosperity Bancshares in a research note on Thursday, January 29th. Hovde Group increased their price objective on Prosperity Bancshares from $75.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, January 29th. Finally, Janney Montgomery Scott cut shares of Prosperity Bancshares from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average 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.