AQR Capital Management LLC Boosts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

AQR Capital Management LLC boosted its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 3.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 554,525 shares of the bank's stock after purchasing an additional 18,338 shares during the period. AQR Capital Management LLC owned about 0.58% of Prosperity Bancshares worth $41,783,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PB. Norges Bank bought a new position in Prosperity Bancshares during the fourth quarter valued at about $68,986,000. North Reef Capital Management LP bought a new position in shares of Prosperity Bancshares during the 4th quarter valued at approximately $29,211,000. Northern Trust Corp grew its position in shares of Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock valued at $70,611,000 after acquiring an additional 190,449 shares during the period. ExodusPoint Capital Management LP increased its stake 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 worth $12,793,000 after purchasing an additional 139,585 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Prosperity Bancshares in the 4th quarter worth approximately $8,643,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on PB. Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 target price for the company in a research report on Tuesday, January 7th. Royal Bank of Canada lowered their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Raymond James lifted their target price on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Stephens upped their price target on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Thursday, January 30th. Finally, Barclays cut 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 report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Prosperity Bancshares currently has a consensus rating of "Moderate Buy" and an average target price of $83.71.

Prosperity Bancshares Trading Up 0.3 %

Shares of PB traded up $0.19 during trading hours on Monday, reaching $70.08. 684,932 shares of the company's stock traded hands, compared to its average volume of 575,834. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The stock has a market cap of $6.68 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 0.94 and a beta of 0.70. The firm's 50 day simple moving average is $69.23 and its 200-day simple moving average is $75.16.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results 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. The business had revenue of $306.68 million during the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. Prosperity Bancshares's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.18 earnings per share. As a group, analysts expect 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. Investors of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.31%. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $78.30, for a total transaction of $39,150.00. Following the transaction, the director now directly owns 106,815 shares of the company's stock, valued at approximately $8,363,614.50. This trade represents a 0.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 5,500 shares of company stock worth $390,340 over the last 90 days. Corporate insiders own 4.20% of the company's stock.

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.