Prosperity Bancshares, Inc. (NYSE:PB) Stock Position Raised by ProShare Advisors LLC

ProShare Advisors LLC lifted its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 456,575 shares of the bank’s stock after acquiring an additional 6,224 shares during the quarter. ProShare Advisors LLC’s holdings in Prosperity Bancshares were worth $34,403,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Quantinno Capital Management LP lifted its holdings in shares of Prosperity Bancshares by 182.6% in the fourth quarter. Quantinno Capital Management LP now owns 30,965 shares of the bank’s stock valued at $2,333,000 after purchasing an additional 20,006 shares in the last quarter. Man Group plc purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $628,000. Nomura Holdings Inc. purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $952,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Prosperity Bancshares by 17.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,872 shares of the bank’s stock valued at $1,874,000 after purchasing an additional 3,746 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in shares of Prosperity Bancshares in the fourth quarter valued at $270,000. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PB. Hovde Group reduced their target price on Prosperity Bancshares from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. StockNews.com upgraded Prosperity Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday. Stephens increased their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, Raymond James increased their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $83.71.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $73.62, for a total value of $36,810.00. Following the sale, the director now directly owns 105,315 shares of the company’s stock, valued at approximately $7,753,290.30. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 5,500 shares of company stock valued at $382,420 over the last three months. 4.20% of the stock is currently owned by insiders.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock opened at $72.24 on Friday. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The company’s fifty day moving average price is $68.80 and its two-hundred day moving average price is $75.06.

Prosperity Bancshares (NYSE:PB) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.18 earnings per share. As a group, sell-side analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares’s payout ratio is 44.19%.

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.