Dimensional Fund Advisors LP Grows Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Dimensional Fund Advisors LP boosted its position in Prosperity Bancshares, Inc. (NYSE:PB) by 14.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,287,615 shares of the bank’s stock after purchasing an additional 532,241 shares during the period. Dimensional Fund Advisors LP’s holdings in Prosperity Bancshares were worth $262,141,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank’s stock valued at $29,000 after buying an additional 177 shares during the last quarter. Quest Partners LLC lifted its position in shares of Prosperity Bancshares by 3,147.1% during the second quarter. Quest Partners LLC now owns 552 shares of the bank’s stock worth $34,000 after acquiring an additional 535 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Prosperity Bancshares in the second quarter valued at $43,000. Headlands Technologies LLC purchased a new stake in Prosperity Bancshares during the 2nd quarter worth about $46,000. Finally, Parallel Advisors LLC boosted its position in shares of Prosperity Bancshares by 835.9% in the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank’s stock valued at $49,000 after acquiring an additional 652 shares during the period. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

PB has been the subject of several research analyst reports. Hovde Group boosted their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the stock an “outperform” rating in a research report on Monday, August 26th. Piper Sandler boosted their price target on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. StockNews.com lowered shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, August 28th. Compass Point lifted their price objective on shares of Prosperity Bancshares from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Morgan Stanley raised Prosperity Bancshares from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $75.00 to $86.00 in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Prosperity Bancshares presently has an average rating of “Moderate Buy” and an average target price of $76.04.

Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $72.97 on Wednesday. The company has a market cap of $6.95 billion, a PE ratio of 16.81, a P/E/G ratio of 1.47 and a beta of 0.90. The business has a 50 day moving average of $70.46 and a 200 day moving average of $64.85. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $74.68.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 EPS for the quarter, topping the consensus estimate of $1.20 by $0.02. The firm had revenue of $458.95 million during the quarter, compared to analysts’ expectations of $290.06 million. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. During the same period last year, the company posted $1.21 EPS. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.07 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.07%. Prosperity Bancshares’s payout ratio is 51.61%.

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.