Dynamic Technology Lab Private Ltd Takes $1.08 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

Dynamic Technology Lab Private Ltd purchased a new stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,913 shares of the bank’s stock, valued at approximately $1,075,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PB. Victory Capital Management Inc. grew its position in shares of Prosperity Bancshares by 3.0% in the second quarter. Victory Capital Management Inc. now owns 6,359,165 shares of the bank’s stock valued at $388,799,000 after purchasing an additional 184,453 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Prosperity Bancshares by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,287,615 shares of the bank’s stock valued at $262,141,000 after buying an additional 532,241 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Prosperity Bancshares by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after buying an additional 6,518 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Prosperity Bancshares by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 935,420 shares of the bank’s stock valued at $57,192,000 after buying an additional 19,224 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its position in Prosperity Bancshares by 4.6% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 835,565 shares of the bank’s stock worth $60,219,000 after acquiring an additional 36,480 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Prosperity Bancshares Trading Down 0.4 %

PB stock opened at $84.73 on Wednesday. The company has a market capitalization of $8.07 billion, a P/E ratio of 17.94, a PEG ratio of 1.26 and a beta of 0.89. The business has a 50 day simple moving average of $75.07 and a 200-day simple moving average of $69.24. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $459.00 million during the quarter, compared to analysts’ expectations of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same quarter in the prior year, the business earned $1.20 EPS. Research analysts predict that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 2.74%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 13th. Prosperity Bancshares’s dividend payout ratio (DPR) is presently 47.56%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. DA Davidson cut Prosperity Bancshares from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $80.00 to $78.00 in a report on Tuesday, October 15th. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Prosperity Bancshares in a research note on Thursday, October 24th. StockNews.com cut Prosperity Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, November 20th. Hovde Group increased their price objective on shares of Prosperity Bancshares from $80.50 to $82.50 and gave the company an “outperform” rating in a research report on Monday, August 26th. Finally, Truist Financial downgraded Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the company from $81.00 to $79.00 in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.96.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Leah Henderson sold 1,100 shares of Prosperity Bancshares stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total transaction of $91,564.00. Following the completion of the transaction, the director now directly owns 7,525 shares in the company, valued at $626,381. The trade was a 12.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ned S. Holmes sold 500 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.44, for a total value of $40,720.00. Following the sale, the director now owns 113,815 shares in the company, valued at approximately $9,269,093.60. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,100 shares of company stock worth $520,264. 4.28% of the stock is currently owned by insiders.

Prosperity Bancshares Company 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.