Prosperity Bancshares, Inc. (NYSE:PB) Position Lifted by Snyder Capital Management L P

Snyder Capital Management L P raised its stake in Prosperity Bancshares, Inc. (NYSE:PB) by 7.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,220,977 shares of the bank’s stock after purchasing an additional 83,488 shares during the period. Prosperity Bancshares accounts for approximately 1.9% of Snyder Capital Management L P’s holdings, making the stock its 19th biggest holding. Snyder Capital Management L P’s holdings in Prosperity Bancshares were worth $92,001,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PB. Smartleaf Asset Management LLC lifted its stake in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank’s stock worth $28,000 after purchasing an additional 312 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Prosperity Bancshares by 368.5% during the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank’s stock worth $39,000 after purchasing an additional 409 shares during the period. UMB Bank n.a. lifted its position in shares of Prosperity Bancshares by 102.7% in the 4th quarter. UMB Bank n.a. now owns 592 shares of the bank’s stock worth $45,000 after buying an additional 300 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank’s stock valued at $64,000 after buying an additional 143 shares during the period. Finally, Aster Capital Management DIFC Ltd boosted its holdings in shares of Prosperity Bancshares by 349.5% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank’s stock valued at $69,000 after buying an additional 713 shares during the period. Institutional investors and hedge funds own 80.69% of the company’s stock.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $79.92, for a total transaction of $39,960.00. Following the completion of the transaction, the director now owns 107,815 shares of the company’s stock, valued at $8,616,574.80. This trade represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders have sold 5,500 shares of company stock worth $396,700. 4.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

PB has been the topic of a number of recent research reports. Morgan Stanley cut their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Bank of America raised Prosperity Bancshares from an “underperform” rating to a “neutral” rating and set a $80.00 price target on the stock in a report on Tuesday, January 7th. Barclays lowered their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. UBS Group cut their target price on Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, December 26th. Finally, Stephens boosted their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $83.42.

Prosperity Bancshares Stock Up 0.7 %

PB stock opened at $67.71 on Friday. The company has a 50-day simple moving average of $70.43 and a 200 day simple moving average of $75.31. The company has a market capitalization of $6.45 billion, a P/E ratio of 13.38, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76.

Prosperity Bancshares (NYSE:PB) last issued its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares’s payout ratio is currently 44.19%.

About Prosperity Bancshares

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.