Snyder Capital Management L P Acquires 83,488 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Snyder Capital Management L P boosted its stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,220,977 shares of the bank's stock after buying an additional 83,488 shares during the period. Prosperity Bancshares accounts for 1.9% of Snyder Capital Management L P's portfolio, making the stock its 19th biggest holding. Snyder Capital Management L P owned about 1.28% of Prosperity Bancshares worth $92,001,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PB. Sanctuary Advisors LLC bought a new position in Prosperity Bancshares in the 3rd quarter valued at about $372,000. Tidal Investments LLC grew its position in Prosperity Bancshares by 5.7% in the 3rd quarter. Tidal Investments LLC now owns 3,875 shares of the bank's stock valued at $279,000 after buying an additional 209 shares in the last quarter. Franklin Resources Inc. grew its position in Prosperity Bancshares by 40.6% in the 3rd quarter. Franklin Resources Inc. now owns 34,411 shares of the bank's stock valued at $2,509,000 after buying an additional 9,935 shares in the last quarter. GAMMA Investing LLC grew its position in Prosperity Bancshares by 20.4% in the 4th quarter. GAMMA Investing LLC now owns 844 shares of the bank's stock valued at $64,000 after buying an additional 143 shares in the last quarter. Finally, First Hawaiian Bank grew its position in Prosperity Bancshares by 47.5% in the 4th quarter. First Hawaiian Bank now owns 4,612 shares of the bank's stock valued at $348,000 after buying an additional 1,485 shares in the last quarter. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of NYSE PB traded up $0.64 during mid-day trading on Monday, reaching $67.78. The company had a trading volume of 652,789 shares, compared to its average volume of 573,256. The company has a market capitalization of $6.46 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 0.94 and a beta of 0.82. The stock has a fifty day moving average of $70.00 and a two-hundred day moving average of $75.32. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. During the same quarter in the prior year, the firm earned $1.18 EPS. The company's revenue was up 10.7% compared to the same quarter last year. Sell-side analysts forecast 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 will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $67.58, for a total transaction of $33,790.00. Following the transaction, the director now directly owns 103,415 shares in the company, valued at $6,988,785.70. The trade was a 0.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold a total of 5,500 shares of company stock worth $396,700 in the last ninety days. Corporate insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

PB has been the subject of several research reports. Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Barclays reduced their price objective on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada reduced their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday. StockNews.com lowered shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, Morgan Stanley reduced their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. One investment 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 MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $83.23.

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.