Private Management Group Inc. Has $36.02 Million Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Private Management Group Inc. trimmed its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 478,070 shares of the bank's stock after selling 56,705 shares during the quarter. Prosperity Bancshares comprises approximately 1.3% of Private Management Group Inc.'s holdings, making the stock its 14th largest position. Private Management Group Inc. owned 0.50% of Prosperity Bancshares worth $36,023,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. UMB Bank n.a. boosted its position in shares of Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank's stock valued at $45,000 after acquiring an additional 300 shares during the period. GAMMA Investing LLC raised its stake in Prosperity Bancshares by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 701 shares of the bank's stock valued at $51,000 after purchasing an additional 227 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 190.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 815 shares of the bank's stock valued at $59,000 after purchasing an additional 534 shares during the period. Blue Trust Inc. grew its position in Prosperity Bancshares by 181.6% in the 3rd quarter. Blue Trust Inc. now owns 859 shares of the bank's stock worth $62,000 after purchasing an additional 554 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in shares of Prosperity Bancshares by 31.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 981 shares of the bank's stock worth $71,000 after purchasing an additional 232 shares during the period. 80.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PB. Raymond James increased their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Stephens boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $77.00 target price on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Finally, Wolfe Research reissued a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Prosperity Bancshares presently has an average rating of "Moderate Buy" and an average target price of $82.88.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total transaction of $41,980.00. Following the transaction, the director now owns 114,315 shares of the company's stock, valued at approximately $9,597,887.40. This represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leah Henderson sold 1,100 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $83.24, for a total value of $91,564.00. Following the completion of the transaction, the director now owns 7,525 shares in the company, valued at $626,381. The trade was a 12.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,600 shares of company stock worth $1,276,109 in the last 90 days. Corporate insiders own 4.28% of the company's stock.

Prosperity Bancshares Trading Down 0.9 %

PB stock traded down $0.73 during trading on Friday, hitting $79.96. 500,112 shares of the stock traded hands, compared to its average volume of 534,234. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 0.98 and a beta of 0.94. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75. The company has a 50 day simple moving average of $78.24 and a 200 day simple moving average of $75.47.

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

Prosperity Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.90%. Prosperity Bancshares's dividend payout ratio is 45.85%.

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.