Prosperity Bancshares, Inc. $PB Shares Bought by Trexquant Investment LP

Trexquant Investment LP boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 88.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 22,867 shares of the bank’s stock after acquiring an additional 10,759 shares during the period. Trexquant Investment LP’s holdings in Prosperity Bancshares were worth $1,632,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the stock. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Prosperity Bancshares during the first quarter worth about $48,000. Fifth Third Bancorp grew its holdings in shares of Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock valued at $91,000 after purchasing an additional 396 shares in the last quarter. Chilton Capital Management LLC acquired a new position in Prosperity Bancshares during the 1st quarter worth approximately $105,000. Quantbot Technologies LP acquired a new position in Prosperity Bancshares during the 1st quarter worth approximately $197,000. Finally, New England Research & Management Inc. acquired a new position in Prosperity Bancshares during the 1st quarter worth approximately $212,000. Institutional investors and hedge funds own 80.69% of the company’s stock.

Prosperity Bancshares Stock Down 1.3%

Shares of NYSE:PB opened at $67.91 on Friday. Prosperity Bancshares, Inc. has a 52-week low of $61.57 and a 52-week high of $86.75. The company has a 50 day moving average of $69.66 and a two-hundred day moving average of $69.91. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 1.03 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $310.70 million during the quarter, compared to the consensus estimate of $315.66 million. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. During the same quarter last year, the company earned $1.22 earnings per share. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, September 15th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 42.18%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PB shares. Citigroup upped their price objective on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, August 26th. Piper Sandler cut their price objective on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a research note on Wednesday, May 21st. They set a “buy” rating and a $85.00 price target on the stock. Wall Street Zen raised shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, May 13th. Finally, Hovde Group lowered 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. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.13.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $68.74, for a total transaction of $34,370.00. Following the sale, the director directly owned 93,915 shares in the company, valued at $6,455,717.10. The trade was a 0.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 15,400 shares of company stock worth $1,072,938 in the last quarter. 4.20% of the stock is owned by insiders.

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.