Arrowstreet Capital Limited Partnership Sells 194,425 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Arrowstreet Capital Limited Partnership lessened its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 47.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 218,142 shares of the bank's stock after selling 194,425 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.23% of Prosperity Bancshares worth $16,437,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PB. Cerity Partners LLC raised its stake in shares of Prosperity Bancshares by 22.6% during the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank's stock valued at $453,000 after purchasing an additional 1,157 shares during the period. FMR LLC increased its position in shares of Prosperity Bancshares by 69.9% during the third quarter. FMR LLC now owns 7,736 shares of the bank's stock valued at $558,000 after buying an additional 3,182 shares during the period. Glenmede Trust Co. NA bought a new stake in shares of Prosperity Bancshares during the third quarter valued at about $294,000. Walleye Capital LLC purchased a new stake in shares of Prosperity Bancshares in the third quarter worth about $368,000. Finally, Captrust Financial Advisors boosted its position in shares of Prosperity Bancshares by 6.2% in the third quarter. Captrust Financial Advisors now owns 5,848 shares of the bank's stock valued at $421,000 after acquiring an additional 341 shares during the period. Hedge funds and other institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PB. Morgan Stanley lowered their target price on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Barclays dropped their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday. StockNews.com lowered Prosperity Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, March 19th. Raymond James raised their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 price objective for the company in a report on Tuesday, January 7th. One investment 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, the stock currently has a consensus rating of "Hold" and a consensus target price of $83.35.

Prosperity Bancshares Stock Performance

PB traded up $3.53 during midday trading on Wednesday, hitting $67.29. The stock had a trading volume of 674,209 shares, compared to its average volume of 557,011. The company has a market cap of $6.41 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The business has a fifty day moving average of $73.33 and a 200 day moving average of $75.72.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.04. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. On average, equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th were issued a $0.58 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $2.32 annualized dividend and a dividend yield of 3.45%. Prosperity Bancshares's dividend payout ratio is currently 45.85%.

Insider Activity

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $70.87, for a total value of $35,435.00. Following the transaction, the director now owns 103,315 shares in the company, valued at approximately $7,321,934.05. 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 hyperlink. In the last quarter, insiders sold 5,000 shares of company stock valued at $376,885. 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.