Legal & General Group Plc Decreases Position in Prosperity Bancshares, Inc. (NYSE:PB)

Legal & General Group Plc cut its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 180,772 shares of the bank's stock after selling 9,155 shares during the quarter. Legal & General Group Plc owned about 0.19% of Prosperity Bancshares worth $13,621,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PB. Invesco Ltd. boosted its position in shares of Prosperity Bancshares by 19.7% during the fourth quarter. Invesco Ltd. now owns 226,430 shares of the bank's stock valued at $17,062,000 after buying an additional 37,285 shares during the last quarter. Bank of Montreal Can boosted its holdings in Prosperity Bancshares by 10.7% in the fourth quarter. Bank of Montreal Can now owns 16,891 shares of the bank's stock worth $1,273,000 after purchasing an additional 1,633 shares during the last quarter. Prospector Partners LLC boosted its stake in shares of Prosperity Bancshares by 15.1% in the 4th quarter. Prospector Partners LLC now owns 263,608 shares of the bank's stock worth $19,863,000 after buying an additional 34,616 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Prosperity Bancshares by 1.1% in the fourth quarter. Federated Hermes Inc. now owns 57,003 shares of the bank's stock worth $4,295,000 after acquiring an additional 648 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its position in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after acquiring an additional 713 shares during the last quarter. Institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PB shares. Bank of America raised 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 boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Thursday, April 10th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.35.

Prosperity Bancshares Trading Down 1.4 %

Shares of PB stock traded down $0.94 during trading hours on Monday, reaching $64.86. 8,852 shares of the company's stock were exchanged, compared to its average volume of 565,497. The stock's fifty day moving average price is $71.31 and its two-hundred day moving average price is $75.49. The stock has a market cap of $6.18 billion, a PE ratio of 12.83, a PEG 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.

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

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a yield of 3.58%. Prosperity Bancshares's payout ratio is presently 45.85%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $79.92, for a total value of $39,960.00. Following the sale, the director now owns 107,815 shares in the company, valued at $8,616,574.80. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 5,500 shares of company stock valued at $402,415. 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.