Prosperity Bancshares, Inc. (NYSE:PB) Position Lifted by Corient Private Wealth LLC

Corient Private Wealth LLC lifted its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 12.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 56,506 shares of the bank's stock after purchasing an additional 6,282 shares during the period. Corient Private Wealth LLC owned approximately 0.06% of Prosperity Bancshares worth $4,263,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new stake in shares of Prosperity Bancshares in the 3rd quarter valued at approximately $16,478,000. Raymond James Financial Inc. acquired a new position in shares of Prosperity Bancshares during the fourth quarter worth $8,643,000. Jane Street Group LLC increased its holdings in Prosperity Bancshares by 418.0% in the third quarter. Jane Street Group LLC now owns 111,548 shares of the bank's stock valued at $8,039,000 after buying an additional 90,015 shares during the last quarter. Strategic Financial Concepts LLC acquired a new stake in Prosperity Bancshares in the fourth quarter valued at $5,463,000. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in Prosperity Bancshares by 6.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank's stock worth $67,002,000 after buying an additional 53,654 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Prosperity Bancshares Stock Performance

NYSE PB traded down $0.36 during trading hours on Wednesday, reaching $71.69. The company's stock had a trading volume of 567,284 shares, compared to its average volume of 524,985. The company's 50-day moving average is $76.26 and its two-hundred day moving average is $76.19. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The stock has a market cap of $6.83 billion, a PE ratio of 14.17, a PEG ratio of 0.94 and a beta of 0.94.

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Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating 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%. Equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business 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 dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Friday, March 14th. Prosperity Bancshares's dividend payout ratio is currently 45.85%.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $75.25, for a total value of $37,625.00. Following the completion of the transaction, the director now owns 109,815 shares in the company, valued at $8,263,578.75. This represents a 0.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 5,500 shares of company stock valued at $418,095 in the last 90 days. 4.28% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PB shares. Barclays raised their target price on Prosperity Bancshares from $84.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Friday, December 20th. StockNews.com cut shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, March 19th. Bank of America upgraded shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 target price for the company in a report on Tuesday, January 7th. Stephens lifted their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, UBS Group decreased their price objective on shares of Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday, December 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $83.50.

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.