Arrowstreet Capital Limited Partnership Has $16.44 Million Position in Prosperity Bancshares, Inc. (NYSE:PB)

Arrowstreet Capital Limited Partnership lowered its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 47.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 218,142 shares of the bank's stock after selling 194,425 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.23% of Prosperity Bancshares worth $16,437,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PB. Cerity Partners LLC grew its stake in Prosperity Bancshares by 22.6% in the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank's stock valued at $453,000 after buying an additional 1,157 shares during the last quarter. FMR LLC grew its position in shares of Prosperity Bancshares by 69.9% in the third quarter. FMR LLC now owns 7,736 shares of the bank's stock valued at $558,000 after purchasing an additional 3,182 shares during the last quarter. Glenmede Trust Co. NA bought a new position in shares of Prosperity Bancshares in the third quarter worth about $294,000. Walleye Capital LLC acquired a new position in shares of Prosperity Bancshares during the 3rd quarter worth about $368,000. Finally, Captrust Financial Advisors boosted its stake in Prosperity Bancshares by 6.2% during the 3rd quarter. Captrust Financial Advisors now owns 5,848 shares of the bank's stock valued at $421,000 after purchasing an additional 341 shares during the period. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Stock Up 1.1 %

NYSE:PB traded up $0.72 on Tuesday, reaching $64.71. The stock had a trading volume of 220,229 shares, compared to its average volume of 553,321. The company has a market capitalization of $6.16 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The stock has a fifty day moving average price of $74.49 and a 200-day moving average price of $75.97.

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Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, January 29th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.33 by $0.04. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 3.59%. Prosperity Bancshares's dividend payout ratio (DPR) is 45.85%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Morgan Stanley cut their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. UBS Group reduced their price target on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a report on Thursday, December 26th. StockNews.com downgraded shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, March 19th. 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 note on Thursday, January 30th. Finally, Stephens boosted their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Prosperity Bancshares currently has a consensus rating of "Hold" and a consensus price target of $83.50.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $78.43, for a total value of $39,215.00. Following the completion of the sale, the director now directly owns 108,815 shares of the company's stock, valued at approximately $8,534,360.45. This trade represents a 0.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 5,500 shares of company stock valued at $413,945 in the last 90 days. 4.20% of the stock is currently owned by insiders.

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.