Geode Capital Management LLC reduced its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,680,302 shares of the bank's stock after selling 28,207 shares during the quarter. Geode Capital Management LLC owned approximately 1.76% of Prosperity Bancshares worth $126,648,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of PB. Vanguard Group Inc. lifted its holdings in Prosperity Bancshares by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock worth $736,923,000 after buying an additional 44,567 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Prosperity Bancshares by 0.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock valued at $89,531,000 after purchasing an additional 4,913 shares during the period. Norges Bank acquired a new position in Prosperity Bancshares during the 4th quarter worth $68,986,000. Vaughan Nelson Investment Management L.P. increased its holdings in Prosperity Bancshares by 6.4% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 889,219 shares of the bank's stock worth $67,002,000 after purchasing an additional 53,654 shares during the period. Finally, Loomis Sayles & Co. L P increased its holdings in Prosperity Bancshares by 1.2% during the 4th quarter. Loomis Sayles & Co. L P now owns 426,400 shares of the bank's stock worth $32,129,000 after purchasing an additional 5,226 shares during the period. 80.69% of the stock is currently owned by hedge funds and other institutional investors.
Prosperity Bancshares Stock Performance
PB traded up $0.36 during trading on Monday, hitting $65.19. The stock had a trading volume of 28,119 shares, compared to its average volume of 560,406. The firm has a market capitalization of $6.21 billion, a P/E ratio of 12.88, a PEG ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.76. The company's 50-day moving average price is $72.73 and its 200 day moving average price is $75.66.
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 net margin of 26.79% and a return on equity of 6.64%. As a group, equities analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.
Prosperity Bancshares Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 14th were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend was Friday, March 14th. Prosperity Bancshares's dividend payout ratio is presently 45.85%.
Analyst Ratings Changes
A number of brokerages have recently commented on PB. UBS Group lowered their price objective on Prosperity Bancshares from $77.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, December 26th. Bank of America upgraded shares of Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price target for the company in a report on Tuesday, January 7th. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. StockNews.com upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Thursday. Finally, Raymond James raised their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Prosperity Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $83.35.
Check Out Our Latest Stock Report on Prosperity Bancshares
Insider Buying and Selling
In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $79.01, for a total transaction of $39,505.00. Following the completion of the sale, the director now directly owns 108,315 shares in the company, valued at approximately $8,557,968.15. 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 accessible through the SEC website. Insiders have sold 5,500 shares of company stock valued at $408,695 over the last quarter. Company insiders own 4.20% of the company's stock.
About Prosperity Bancshares
(
Free Report)
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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