Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 65.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,372 shares of the bank's stock after selling 43,800 shares during the period. Renaissance Technologies LLC's holdings in Prosperity Bancshares were worth $1,429,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PB. PNC Financial Services Group Inc. boosted its position in Prosperity Bancshares by 10.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,855 shares of the bank's stock worth $261,000 after purchasing an additional 355 shares in the last quarter. Parallel Advisors LLC boosted its position in Prosperity Bancshares by 835.9% during the fourth quarter. Parallel Advisors LLC now owns 730 shares of the bank's stock worth $49,000 after purchasing an additional 652 shares in the last quarter. Stifel Financial Corp boosted its position in Prosperity Bancshares by 3.2% during the fourth quarter. Stifel Financial Corp now owns 86,331 shares of the bank's stock worth $5,847,000 after purchasing an additional 2,682 shares in the last quarter. Schroder Investment Management Group purchased a new position in Prosperity Bancshares during the fourth quarter worth approximately $32,842,000. Finally, Dean Capital Management purchased a new position in Prosperity Bancshares during the fourth quarter worth approximately $1,645,000. 80.69% of the stock is owned by institutional investors and hedge funds.

Prosperity Bancshares Trading Up 1.2 %

PB stock traded up $0.85 during midday trading on Friday, hitting $70.91. 328,475 shares of the company's stock were exchanged, compared to its average volume of 569,904. The business has a 50-day simple moving average of $71.64 and a two-hundred day simple moving average of $65.71. The stock has a market capitalization of $6.75 billion, a PE ratio of 16.34, a P/E/G ratio of 1.46 and a beta of 0.90. Prosperity Bancshares, Inc. has a 1-year low of $49.60 and a 1-year high of $74.87.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.02. The company had revenue of $458.95 million during the quarter, compared to analysts' expectations of $290.06 million. Prosperity Bancshares had a return on equity of 6.32% and a net margin of 25.10%. During the same quarter last year, the firm earned $1.21 earnings per share. As a group, research analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.24 annualized dividend and a yield of 3.16%. Prosperity Bancshares's dividend payout ratio (DPR) is 51.61%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Piper Sandler raised their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research report on Thursday, July 25th. Truist Financial downgraded Prosperity Bancshares from a "buy" rating to a "hold" rating and decreased their target price for the company from $81.00 to $79.00 in a research report on Friday, September 20th. Raymond James downgraded Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price on the stock. in a research report on Tuesday, September 17th. Morgan Stanley upgraded Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $75.00 to $86.00 in a research report on Monday, August 5th. Finally, Hovde Group raised their target price on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research report on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.58.

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.