Dean Capital Management Purchases 697 Shares of Prosperity Bancshares, Inc. $PB

Dean Capital Management increased its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 2.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,778 shares of the bank’s stock after buying an additional 697 shares during the period. Dean Capital Management’s holdings in Prosperity Bancshares were worth $2,125,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in Prosperity Bancshares in the first quarter worth about $48,000. Fifth Third Bancorp raised its stake in Prosperity Bancshares by 44.9% in the first quarter. Fifth Third Bancorp now owns 1,277 shares of the bank’s stock worth $91,000 after buying an additional 396 shares in the last quarter. Quarry LP raised its stake in Prosperity Bancshares by 16.7% in the first quarter. Quarry LP now owns 1,366 shares of the bank’s stock worth $97,000 after buying an additional 195 shares in the last quarter. Chilton Capital Management LLC bought a new position in Prosperity Bancshares in the first quarter worth about $105,000. Finally, State of Wyoming raised its stake in Prosperity Bancshares by 13.8% in the first quarter. State of Wyoming now owns 2,565 shares of the bank’s stock worth $183,000 after buying an additional 311 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on 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 owned 93,915 shares in the company, valued at $6,455,717.10. This represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 15,400 shares of company stock worth $1,072,938 in the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Prosperity Bancshares Stock Down 0.2%

NYSE:PB opened at $67.93 on Tuesday. The company’s 50 day moving average price is $69.61 and its 200-day moving average price is $69.74. Prosperity Bancshares, Inc. has a 52 week low of $61.57 and a 52 week high of $86.75. The stock has a market cap of $6.45 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.02 and a beta of 0.74.

Prosperity Bancshares (NYSE:PB) last posted its quarterly earnings results on Wednesday, July 23rd. The bank reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. Prosperity Bancshares had a net margin of 29.37% and a return on equity of 6.99%. The firm had revenue of $310.70 million for the quarter, compared to analysts’ expectations of $315.66 million. During the same quarter in the prior year, the company posted $1.22 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.58 per share. The ex-dividend date is Monday, September 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.4%. Prosperity Bancshares’s dividend payout ratio is presently 42.18%.

Wall Street Analysts Forecast Growth

PB has been the subject of a number of research reports. Citigroup increased their price target on shares of Prosperity Bancshares from $76.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, August 26th. Piper Sandler decreased their price target on shares of Prosperity Bancshares from $86.00 to $84.00 and set an “overweight” rating for the company in a research note on Thursday, July 24th. Hovde Group decreased their price target on shares of Prosperity Bancshares from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Thursday, July 24th. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They issued a “buy” rating and a $85.00 price objective on the stock. Finally, Wall Street Zen upgraded shares of Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Prosperity Bancshares presently has an average rating of “Moderate Buy” and a consensus price target of $84.13.

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.