Treasurer of the State of North Carolina Raises Position in Prosperity Bancshares, Inc. (NYSE:PB)

Treasurer of the State of North Carolina raised its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 163.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,444 shares of the bank's stock after acquiring an additional 64,250 shares during the period. Treasurer of the State of North Carolina owned about 0.11% of Prosperity Bancshares worth $7,795,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Prosperity Bancshares by 69.9% during the 3rd quarter. FMR LLC now owns 7,736 shares of the bank's stock valued at $558,000 after purchasing an additional 3,182 shares during the last quarter. HighTower Advisors LLC boosted its position in Prosperity Bancshares by 5.0% in the third quarter. HighTower Advisors LLC now owns 21,660 shares of the bank's stock valued at $1,562,000 after buying an additional 1,039 shares in the last quarter. XTX Topco Ltd acquired a new stake in Prosperity Bancshares in the third quarter valued at approximately $211,000. Geode Capital Management LLC grew its stake in shares of Prosperity Bancshares by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,708,509 shares of the bank's stock worth $123,162,000 after buying an additional 15,309 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in shares of Prosperity Bancshares by 31.0% during the third quarter. Sunbelt Securities Inc. now owns 981 shares of the bank's stock worth $71,000 after buying an additional 232 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Trading Up 0.2 %

PB stock traded up $0.10 during midday trading on Friday, hitting $65.74. The stock had a trading volume of 467,668 shares, compared to its average volume of 567,974. The firm has a market cap of $6.26 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The business has a fifty day moving average price of $71.59 and a two-hundred day moving average price of $75.44. 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 announced its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) 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%. On average, equities analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is 45.85%.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $79.92, for a total transaction of $39,960.00. Following the transaction, the director now directly owns 107,815 shares of the company's stock, valued at $8,616,574.80. This represents a 0.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 5,500 shares of company stock valued at $402,415. Corporate insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

PB has been the topic of several recent research reports. StockNews.com raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Thursday, April 10th. Raymond James lifted their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Morgan Stanley lowered their price objective on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Barclays cut their target price on shares of Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 8th. Finally, Stephens upped their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Prosperity Bancshares has a consensus rating of "Moderate Buy" and an average price target of $83.35.

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.