387,670 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Acquired by North Reef Capital Management LP

North Reef Capital Management LP acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 387,670 shares of the bank's stock, valued at approximately $29,211,000. Prosperity Bancshares comprises 1.3% of North Reef Capital Management LP's portfolio, making the stock its 18th biggest holding. North Reef Capital Management LP owned 0.41% of Prosperity Bancshares at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Snyder Capital Management L P increased its stake in Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after buying an additional 83,488 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Prosperity Bancshares by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 60,113 shares of the bank's stock worth $4,530,000 after buying an additional 4,339 shares during the period. Hsbc Holdings PLC purchased a new stake in Prosperity Bancshares during the 4th quarter worth approximately $298,000. Tower Research Capital LLC TRC increased its stake in Prosperity Bancshares by 107.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,703 shares of the bank's stock worth $656,000 after buying an additional 4,508 shares during the period. Finally, MetLife Investment Management LLC increased its stake in Prosperity Bancshares by 9.1% during the 4th quarter. MetLife Investment Management LLC now owns 53,604 shares of the bank's stock worth $4,039,000 after buying an additional 4,467 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on PB. Bank of America raised shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective on the stock in a research report on Tuesday, January 7th. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada dropped their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday. Raymond James increased their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, Hovde Group dropped their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Prosperity Bancshares has a consensus rating of "Hold" and an average target price of $83.23.

Prosperity Bancshares Stock Up 1.0 %

NYSE:PB traded up $0.64 during trading hours on Monday, reaching $67.78. 652,789 shares of the company's stock were exchanged, compared to its average volume of 573,256. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of 13.40, a P/E/G ratio of 0.94 and a beta of 0.82. The company has a 50-day moving average of $70.00 and a 200 day moving average of $75.32. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released 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. 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 analysts' expectations of $307.17 million. During the same quarter last year, the business earned $1.18 EPS. The business's revenue was up 10.7% on a year-over-year basis. Research analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be paid a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $67.58, for a total transaction of $33,790.00. Following the sale, the director now owns 103,415 shares of the company's stock, valued at approximately $6,988,785.70. The trade was a 0.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 5,500 shares of company stock worth $396,700. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Company 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.