Prosperity Bancshares, Inc. (NYSE:PB) Shares Purchased by Ameriprise Financial Inc.

Ameriprise Financial Inc. boosted its position in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 7.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 319,320 shares of the bank's stock after purchasing an additional 21,857 shares during the quarter. Ameriprise Financial Inc. owned about 0.34% of Prosperity Bancshares worth $24,065,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Prosperity Bancshares in the 4th quarter valued at $68,986,000. North Reef Capital Management LP acquired a new position in Prosperity Bancshares in the 4th quarter valued at $29,211,000. Northern Trust Corp raised its position in shares of Prosperity Bancshares by 25.5% in the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after buying an additional 190,449 shares in the last quarter. ExodusPoint Capital Management LP grew its holdings in shares of Prosperity Bancshares by 462.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock valued at $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Prosperity Bancshares during the 4th quarter worth approximately $8,643,000. Institutional investors and hedge funds own 80.69% of the company's stock.

Prosperity Bancshares Price Performance

Prosperity Bancshares stock traded down $0.18 during midday trading on Tuesday, reaching $72.55. The company had a trading volume of 54,479 shares, compared to its average volume of 622,247. The firm's fifty day simple moving average is $68.89 and its 200-day simple moving average is $75.07. The company has a market capitalization of $6.91 billion, a P/E ratio of 14.34, a P/E/G ratio of 0.94 and a beta of 0.70. 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 posted its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.02. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The firm had revenue of $306.68 million for the quarter, compared to the consensus estimate of $307.17 million. During the same quarter in the previous year, the business earned $1.18 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. On average, analysts expect that Prosperity Bancshares, Inc. will post 5.83 EPS 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 $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Friday, June 13th. Prosperity Bancshares's payout ratio is 44.19%.

Analyst Upgrades and Downgrades

PB has been the topic of a number of recent research reports. Barclays cut their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Morgan Stanley decreased their price target 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. Keefe, Bruyette & Woods dropped their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a research report on Monday, May 5th. Stephens increased their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Finally, Royal Bank of Canada lowered 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 report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.71.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $72.69, for a total transaction of $36,345.00. Following the completion of the transaction, the director now owns 101,915 shares of the company's stock, valued at $7,408,201.35. This represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders sold 5,500 shares of company stock valued at $382,420. 4.20% of the stock is owned by company insiders.

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.