New York State Teachers Retirement System Reduces Stake in Prosperity Bancshares, Inc. (NYSE:PB)

New York State Teachers Retirement System cut its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,671 shares of the bank's stock after selling 4,427 shares during the quarter. New York State Teachers Retirement System owned 0.11% of Prosperity Bancshares worth $8,188,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank's stock valued at $123,162,000 after acquiring an additional 15,309 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Prosperity Bancshares by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank's stock valued at $85,280,000 after acquiring an additional 6,518 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Prosperity Bancshares by 6.4% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank's stock valued at $67,002,000 after acquiring an additional 53,654 shares in the last quarter. Verition Fund Management LLC lifted its position in Prosperity Bancshares by 0.5% in the 3rd quarter. Verition Fund Management LLC now owns 834,701 shares of the bank's stock valued at $60,157,000 after acquiring an additional 3,978 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Prosperity Bancshares by 0.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 818,744 shares of the bank's stock valued at $59,007,000 after acquiring an additional 6,972 shares in the last quarter. 80.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PB. Barclays increased their price target on Prosperity Bancshares from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Friday, December 20th. UBS Group lowered their price target on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, December 26th. Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, Raymond James increased 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $82.88.

Prosperity Bancshares Trading Down 1.3 %

Prosperity Bancshares stock traded down $1.02 during trading on Friday, reaching $76.50. The company had a trading volume of 464,274 shares, compared to its average volume of 505,133. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.75. The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of 15.12, a price-to-earnings-growth ratio of 0.94 and a beta of 0.94. The firm's 50-day simple moving average is $77.46 and its 200 day simple moving average is $75.97.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued 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 return on equity of 6.64% and a net margin of 26.79%. On average, analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.58 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a yield of 3.03%. Prosperity Bancshares's payout ratio is presently 45.85%.

Insiders Place Their Bets

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $78.30, for a total transaction of $39,150.00. Following the completion of the transaction, the director now owns 106,815 shares in the company, valued at $8,363,614.50. This trade represents a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $86.50, for a total value of $346,000.00. Following the transaction, the chairman now owns 229,953 shares of the company's stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,000 shares of company stock worth $1,140,995. 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.