Eight 31 Financial LLC Cuts Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Eight 31 Financial LLC cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 68.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,301 shares of the bank's stock after selling 7,289 shares during the quarter. Eight 31 Financial LLC's holdings in Prosperity Bancshares were worth $249,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Boothbay Fund Management LLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $241,000. North Reef Capital Management LP acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $29,211,000. Snyder Capital Management L P boosted its holdings in shares of 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 acquiring an additional 83,488 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Prosperity Bancshares by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 60,113 shares of the bank's stock valued at $4,530,000 after acquiring an additional 4,339 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Prosperity Bancshares during the 4th quarter valued at $298,000. 80.69% of the stock is currently owned by institutional investors.

Insider Activity at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the company'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 sale, the director now directly owns 106,815 shares in the company, valued at $8,363,614.50. This represents a 0.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last three months, insiders have sold 5,500 shares of company stock worth $390,340. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

Shares of NYSE PB traded up $0.18 during mid-day trading on Thursday, reaching $68.08. 119,418 shares of the company's stock were exchanged, compared to its average volume of 573,081. The firm has a market capitalization of $6.49 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. Prosperity Bancshares, Inc. has a 52 week low of $57.16 and a 52 week high of $86.76. The firm has a 50-day moving average price of $69.65 and a two-hundred day moving average price of $75.22.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its earnings results on Wednesday, April 23rd. The bank reported $1.37 EPS 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 for the quarter, compared to analysts' expectations of $307.17 million. During the same period in the previous year, the business posted $1.18 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed 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. This represents a $2.32 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Friday, June 13th. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PB. Bank of America raised Prosperity Bancshares from an "underperform" rating to a "neutral" rating and set a $80.00 target price on the stock in a report on Tuesday, January 7th. Hovde Group cut their target price on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Barclays lowered their price objective on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada lowered their price objective on 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. Finally, Raymond James lifted their price objective on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $83.23.

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.