Norges Bank Acquires New Shares in Prosperity Bancshares, Inc. (NYSE:PB)

Norges Bank acquired a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 915,543 shares of the bank's stock, valued at approximately $68,986,000. Norges Bank owned 0.96% of Prosperity Bancshares at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its stake in Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after purchasing an additional 128 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock worth $64,000 after buying an additional 143 shares during the last quarter. M&T Bank Corp grew its position in shares of Prosperity Bancshares by 0.3% in the 3rd quarter. M&T Bank Corp now owns 45,392 shares of the bank's stock worth $3,272,000 after buying an additional 149 shares during the last quarter. Sanctuary Advisors LLC raised its stake in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after acquiring an additional 194 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Prosperity Bancshares by 23.9% during the fourth quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after acquiring an additional 195 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target on the stock in a research report on Tuesday, January 7th. Stephens increased 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. Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Barclays upped their price objective on shares of Prosperity Bancshares from $84.00 to $88.00 and gave the company an "equal weight" rating in a report on Friday, December 20th. Finally, UBS Group lowered their target price 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 given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $83.50.

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Prosperity Bancshares Price Performance

Shares of Prosperity Bancshares stock opened at $66.16 on Friday. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The stock has a market cap of $6.30 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The firm has a fifty day moving average price of $75.11 and a 200 day moving average price of $76.05.

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

Prosperity Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a $0.58 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a yield of 3.51%. Prosperity Bancshares's dividend payout ratio is presently 45.85%.

Insider Transactions at Prosperity Bancshares

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

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