Algert Global LLC Grows Position in Prosperity Bancshares, Inc. (NYSE:PB)

Algert Global LLC increased its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 39.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,959 shares of the bank's stock after purchasing an additional 8,704 shares during the period. Algert Global LLC's holdings in Prosperity Bancshares were worth $2,333,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PB. Vanguard Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 9,780,006 shares of the bank's stock valued at $736,923,000 after buying an additional 44,567 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Prosperity Bancshares by 1.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,586,260 shares of the bank's stock valued at $345,575,000 after acquiring an additional 48,304 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Prosperity Bancshares by 1.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,342,047 shares of the bank's stock valued at $176,473,000 after purchasing an additional 32,917 shares during the last quarter. Snyder Capital Management L P boosted its stake in Prosperity Bancshares by 7.3% during the 4th quarter. Snyder Capital Management L P now owns 1,220,977 shares of the bank's stock valued at $92,001,000 after purchasing an additional 83,488 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Prosperity Bancshares by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,188,208 shares of the bank's stock worth $89,531,000 after purchasing an additional 4,913 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PB shares. Raymond James lifted their target price on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Hovde Group cut their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. StockNews.com downgraded shares of Prosperity Bancshares from a "hold" rating to a "sell" rating in a report on Thursday, April 24th. Keefe, Bruyette & Woods dropped their price target on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Finally, Royal Bank of Canada reduced 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 report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Prosperity Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $83.71.

Insider Activity at Prosperity Bancshares

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $73.62, for a total transaction of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares of the company's stock, valued at $7,753,290.30. The trade was a 0.47 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 5,500 shares of company stock worth $385,225. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

Shares of PB traded up $0.15 during mid-day trading on Friday, hitting $71.27. The stock had a trading volume of 544,724 shares, compared to its average volume of 579,476. The firm has a market cap of $6.79 billion, a P/E ratio of 14.09, a PEG ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The business has a fifty day moving average price of $68.79 and a 200-day moving average price of $75.09.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. The business had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company's revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.18 earnings per share. As a group, research 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 will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

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.