Wedge Capital Management L L P NC Cuts Position in Prosperity Bancshares, Inc. $PB

Wedge Capital Management L L P NC decreased its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 19.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,206 shares of the bank’s stock after selling 13,583 shares during the period. Wedge Capital Management L L P NC’s holdings in Prosperity Bancshares were worth $4,178,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Sepio Capital LP boosted its position in shares of Prosperity Bancshares by 2.4% in the 4th quarter. Sepio Capital LP now owns 5,701 shares of the bank’s stock worth $394,000 after purchasing an additional 133 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Prosperity Bancshares by 1.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 14,324 shares of the bank’s stock worth $990,000 after buying an additional 145 shares during the last quarter. Osaic Holdings Inc. increased its position in Prosperity Bancshares by 34.9% during the 2nd quarter. Osaic Holdings Inc. now owns 719 shares of the bank’s stock valued at $51,000 after buying an additional 186 shares in the last quarter. Earned Wealth Advisors LLC increased its position in Prosperity Bancshares by 6.2% during the 1st quarter. Earned Wealth Advisors LLC now owns 3,639 shares of the bank’s stock valued at $244,000 after buying an additional 213 shares in the last quarter. Finally, Public Employees Retirement System of Ohio raised its stake in Prosperity Bancshares by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 39,655 shares of the bank’s stock valued at $2,631,000 after buying an additional 228 shares during the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on PB shares. TD Cowen boosted their target price on Prosperity Bancshares from $82.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler raised their price target on Prosperity Bancshares from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 30th. Benchmark assumed coverage on Prosperity Bancshares in a research report on Wednesday, June 24th. They issued a “hold” rating for the company. Weiss Ratings raised Prosperity Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 29th. Finally, Citigroup upped their price target on shares of Prosperity Bancshares from $75.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Five analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $78.36.

Insider Transactions at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $74.14, for a total value of $37,070.00. Following the completion of the sale, the director owned 71,115 shares of the company’s stock, valued at approximately $5,272,466.10. The trade was a 0.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 12,100 shares of company stock valued at $867,559 in the last 90 days. Company insiders own 3.96% of the company’s stock.

Prosperity Bancshares Price Performance

NYSE PB opened at $74.62 on Friday. Prosperity Bancshares, Inc. has a one year low of $61.06 and a one year high of $77.20. The stock has a 50-day moving average of $72.65 and a 200 day moving average of $70.37. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $7.53 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.81 and a beta of 0.64.

Prosperity Bancshares (NYSE:PB) last announced its quarterly earnings results on Wednesday, July 29th. The bank reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. Prosperity Bancshares had a net margin of 29.95% and a return on equity of 7.39%. The firm had revenue of $369.18 million for the quarter, compared to the consensus estimate of $380.73 million. During the same quarter last year, the firm posted $1.42 EPS. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. On average, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 6.45 EPS for the current year.

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.60 per share. The ex-dividend date is Tuesday, September 15th. This represents a $2.40 dividend on an annualized basis and a yield of 3.2%. Prosperity Bancshares’s dividend payout ratio is 41.59%.

About Prosperity Bancshares

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.