Wedge Capital Management L L P NC Sells 17,750 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Wedge Capital Management L L P NC trimmed its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 11.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 138,898 shares of the bank's stock after selling 17,750 shares during the period. Wedge Capital Management L L P NC owned 0.15% of Prosperity Bancshares worth $10,010,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in shares of Prosperity Bancshares by 11.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 884,734 shares of the bank's stock worth $59,923,000 after buying an additional 89,617 shares during the period. Vanguard Group Inc. grew its position in shares of Prosperity Bancshares by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 9,693,076 shares of the bank's stock valued at $656,512,000 after purchasing an additional 53,844 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of 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 during the period. CWM LLC lifted its holdings in Prosperity Bancshares by 33.8% during the 1st quarter. CWM LLC now owns 6,496 shares of the bank's stock worth $427,000 after purchasing an additional 1,641 shares during the last quarter. Finally, Mather Group LLC. bought a new stake in Prosperity Bancshares in the 1st quarter valued at $50,000. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PB. DA Davidson downgraded shares of Prosperity Bancshares from a "buy" rating to a "neutral" rating and decreased their price target for the company from $80.00 to $78.00 in a research note on Tuesday. Royal Bank of Canada raised their price objective on Prosperity Bancshares from $70.00 to $74.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 25th. Compass Point increased their target price on Prosperity Bancshares from $73.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, July 26th. Piper Sandler boosted their price target on Prosperity Bancshares from $73.00 to $80.00 and gave the company an "overweight" rating in a research note on Thursday, July 25th. Finally, Morgan Stanley upgraded shares of Prosperity Bancshares from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock 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, four have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.27.

Prosperity Bancshares Price Performance

NYSE PB traded up $0.01 during trading hours on Tuesday, reaching $72.93. The company's stock had a trading volume of 725,213 shares, compared to its average volume of 565,080. The firm has a fifty day simple moving average of $71.66 and a 200-day simple moving average of $66.09. Prosperity Bancshares, Inc. has a 52 week low of $49.60 and a 52 week high of $74.87. The stock has a market cap of $7.00 billion, a P/E ratio of 16.80, a P/E/G ratio of 1.49 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.02. Prosperity Bancshares had a net margin of 25.10% and a return on equity of 6.32%. The firm had revenue of $458.95 million during the quarter, compared to the consensus estimate of $290.06 million. During the same quarter last year, the firm earned $1.21 earnings per share. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.03 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a $0.56 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.07%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 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.