387,670 Shares in Prosperity Bancshares, Inc. (NYSE:PB) Bought by North Reef Capital Management LP

North Reef Capital Management LP purchased a new position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 387,670 shares of the bank's stock, valued at approximately $29,211,000. Prosperity Bancshares comprises about 1.3% of North Reef Capital Management LP's portfolio, making the stock its 18th biggest holding. North Reef Capital Management LP owned approximately 0.41% of Prosperity Bancshares at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank bought a new stake in Prosperity Bancshares in the fourth quarter worth about $68,986,000. ExodusPoint Capital Management LP raised its position in Prosperity Bancshares by 462.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after acquiring an additional 139,585 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Prosperity Bancshares in the fourth quarter worth about $8,643,000. Snyder Capital Management L P raised its position in Prosperity Bancshares by 7.3% in the fourth quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock worth $92,001,000 after acquiring an additional 83,488 shares in the last quarter. Finally, Strategic Financial Concepts LLC bought a new stake in Prosperity Bancshares in the fourth quarter worth about $5,463,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded down $1.22 during mid-day trading on Wednesday, hitting $67.29. 128,415 shares of the company's stock traded hands, compared to its average volume of 571,471. The firm has a 50 day simple moving average of $69.82 and a two-hundred day simple moving average of $75.27. Prosperity Bancshares, Inc. has a fifty-two week low of $57.16 and a fifty-two week high of $86.76. The stock has a market cap of $6.41 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 0.94 and a beta of 0.82.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. During the same quarter last year, the firm earned $1.18 earnings per share. The company's revenue was up 10.7% on a year-over-year basis. On average, research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Insider Transactions at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $67.58, for a total value of $33,790.00. Following the transaction, the director now owns 103,415 shares in the company, valued at approximately $6,988,785.70. This trade represents a 0.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 5,000 shares of company stock valued at $356,740. 4.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PB. StockNews.com cut shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Thursday, April 24th. Stephens raised their price objective on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Royal Bank of Canada decreased 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 note on Thursday, April 24th. Morgan Stanley decreased 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 note on Thursday, March 13th. Finally, Barclays decreased 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 note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Prosperity Bancshares has an average rating of "Hold" and an average price target 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.