Dimensional Fund Advisors LP Buys 205,291 Shares of Prosperity Bancshares, Inc. $PB

Dimensional Fund Advisors LP raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,929,309 shares of the bank’s stock after acquiring an additional 205,291 shares during the period. Dimensional Fund Advisors LP’s holdings in Prosperity Bancshares were worth $331,142,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Danske Bank A S bought a new stake in Prosperity Bancshares during the third quarter worth about $40,000. SouthState Bank Corp acquired a new stake in Prosperity Bancshares during the fourth quarter worth about $49,000. Osaic Holdings Inc. grew its stake in Prosperity Bancshares by 34.9% during the second quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock worth $51,000 after buying an additional 186 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in shares of Prosperity Bancshares in the 4th quarter valued at approximately $55,000. Finally, True Wealth Design LLC lifted its holdings in shares of Prosperity Bancshares by 179.6% during the 4th quarter. True Wealth Design LLC now owns 945 shares of the bank’s stock worth $65,000 after acquiring an additional 607 shares during the period. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Stock Performance

NYSE PB opened at $73.15 on Wednesday. The company has a market capitalization of $7.38 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 1.17 and a beta of 0.63. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. Prosperity Bancshares, Inc. has a twelve month low of $61.06 and a twelve month high of $77.20. The stock has a fifty day simple moving average of $70.73 and a 200 day simple moving average of $70.12.

Prosperity Bancshares (NYSE:PB) last announced its earnings results on Wednesday, April 29th. The bank reported $1.50 EPS for the quarter, topping the consensus estimate of $1.41 by $0.09. Prosperity Bancshares had a return on equity of 7.20% and a net margin of 29.50%.The firm had revenue of $367.62 million for the quarter, compared to the consensus estimate of $358.60 million. During the same period in the previous year, the business earned $1.37 EPS. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. Sell-side analysts expect that Prosperity Bancshares, Inc. will post 6.25 EPS for the current year.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $69.62, for a total value of $41,772.00. Following the sale, the director directly owned 40,800 shares in the company, valued at $2,840,496. This represents a 1.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 12,100 shares of company stock valued at $849,312 over the last quarter. 3.96% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Citigroup increased their price target on shares of Prosperity Bancshares from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, June 25th. Benchmark assumed coverage on Prosperity Bancshares in a research note on Wednesday, June 24th. They set a “hold” rating for the company. Wall Street Zen raised Prosperity Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Piper Sandler lifted their target price on Prosperity Bancshares from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $80.00 price target (down from $85.00) on shares of Prosperity Bancshares in a report on Monday, July 6th. Five equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $76.36.

Prosperity Bancshares Company Profile

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.