Prosperity Bancshares, Inc. (NYSE:PB) Stock Holdings Lowered by Private Management Group Inc.

Private Management Group Inc. trimmed its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 478,070 shares of the bank’s stock after selling 56,705 shares during the period. Prosperity Bancshares comprises approximately 1.3% of Private Management Group Inc.’s investment portfolio, making the stock its 14th biggest position. Private Management Group Inc. owned approximately 0.50% of Prosperity Bancshares worth $36,023,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PB. UMB Bank n.a. boosted 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 valued at $45,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Prosperity Bancshares by 47.9% in the third quarter. GAMMA Investing LLC now owns 701 shares of the bank’s stock worth $51,000 after buying an additional 227 shares during the period. First Horizon Advisors Inc. increased its position in shares of Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock worth $59,000 after acquiring an additional 534 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Prosperity Bancshares by 181.6% during the third quarter. Blue Trust Inc. now owns 859 shares of the bank’s stock valued at $62,000 after acquiring an additional 554 shares during the period. Finally, Sunbelt Securities Inc. lifted its position in shares of Prosperity Bancshares by 31.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank’s stock valued at $71,000 after acquiring an additional 232 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PB shares. UBS Group lowered their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, December 26th. Raymond James lifted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Barclays upped their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Finally, Stephens boosted their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.88.

Prosperity Bancshares Stock Up 0.5 %

PB stock opened at $80.64 on Thursday. The business’s 50-day simple moving average is $78.39 and its 200 day simple moving average is $75.36. The company has a market cap of $7.68 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 0.97 and a beta of 0.94. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75.

Prosperity Bancshares (NYSE:PB) last released its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.8 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Friday, March 14th. Prosperity Bancshares’s dividend payout ratio is 45.85%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now owns 114,315 shares in the company, valued at approximately $9,597,887.40. The trade was a 0.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leah Henderson sold 1,100 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $83.24, for a total value of $91,564.00. Following the sale, the director now owns 7,525 shares in the company, valued at approximately $626,381. This trade represents a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,100 shares of company stock worth $1,236,104. Corporate insiders own 4.28% of the company’s stock.

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.