State Street Corp Trims Position in Prosperity Bancshares, Inc. (NYSE:PB)

State Street Corp reduced its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 5.4% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,937,688 shares of the bank's stock after selling 280,414 shares during the quarter. State Street Corp owned 5.18% of Prosperity Bancshares worth $358,661,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Prosperity Bancshares by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the bank's stock valued at $29,000 after purchasing an additional 177 shares during the last quarter. Quarry LP increased its position in shares of Prosperity Bancshares by 533.3% during the 2nd quarter. Quarry LP now owns 494 shares of the bank's stock valued at $30,000 after purchasing an additional 416 shares during the last quarter. Quest Partners LLC increased its position in shares of Prosperity Bancshares by 3,147.1% during the 2nd quarter. Quest Partners LLC now owns 552 shares of the bank's stock valued at $34,000 after purchasing an additional 535 shares during the last quarter. Strategic Financial Concepts LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $43,000. Finally, Headlands Technologies LLC bought a new position in shares of Prosperity Bancshares during the 2nd quarter valued at about $46,000. 80.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PB has been the topic of several recent research reports. Wedbush reiterated an "outperform" rating and set a $90.00 price objective on shares of Prosperity Bancshares in a research report on Thursday, October 24th. Hovde Group increased their price objective on Prosperity Bancshares from $80.50 to $82.50 and gave the company an "outperform" rating in a research report on Monday, August 26th. Barclays increased their target price on Prosperity Bancshares from $76.00 to $84.00 and gave the company an "equal weight" rating in a report on Thursday, December 5th. Wolfe Research restated a "peer perform" rating on shares of Prosperity Bancshares in a report on Thursday, December 5th. Finally, Raymond James cut Prosperity Bancshares from a "strong-buy" rating to an "outperform" rating and set a $80.00 target price for the company. in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $80.68.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $83.04, for a total value of $41,520.00. Following the completion of the sale, the director now owns 112,815 shares of the company's stock, valued at approximately $9,368,157.60. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman H E. Timanus, Jr. sold 4,000 shares of Prosperity Bancshares stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total value of $346,000.00. Following the completion of the sale, the chairman now directly owns 229,953 shares of the company's stock, valued at approximately $19,890,934.50. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,100 shares of company stock worth $604,114 in the last quarter. 4.28% of the stock is owned by company insiders.

Prosperity Bancshares Stock Performance

Shares of PB traded up $0.36 on Tuesday, reaching $81.24. The stock had a trading volume of 366,445 shares, compared to its average volume of 563,628. The firm has a market capitalization of $7.74 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 1.22 and a beta of 0.92. The company has a 50-day simple moving average of $77.28 and a 200-day simple moving average of $70.61. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The company had revenue of $459.00 million during the quarter, compared to analysts' expectations of $299.83 million. Prosperity Bancshares had a return on equity of 6.46% and a net margin of 25.39%. During the same quarter last year, the business posted $1.20 EPS. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.05 EPS for the current fiscal year.

Prosperity Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 13th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Prosperity Bancshares's previous quarterly dividend of $0.56. Prosperity Bancshares's dividend payout ratio (DPR) is presently 49.26%.

Prosperity Bancshares 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.