Ethic Inc. Decreases Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Ethic Inc. cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 33.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,618 shares of the bank's stock after selling 3,889 shares during the period. Ethic Inc.'s holdings in Prosperity Bancshares were worth $574,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PB. Blue Trust Inc. grew its position in shares of Prosperity Bancshares by 14.9% during the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after buying an additional 128 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in Prosperity Bancshares by 4.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after acquiring an additional 128 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock worth $430,000 after acquiring an additional 194 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Prosperity Bancshares by 23.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after acquiring an additional 195 shares in the last quarter. Finally, Savant Capital LLC grew its holdings in Prosperity Bancshares by 4.6% during the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank's stock worth $339,000 after acquiring an additional 197 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PB shares. Jefferies Financial Group began coverage on shares of Prosperity Bancshares in a report on Wednesday. They issued a "buy" rating and a $85.00 price objective on the stock. Raymond James raised their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Hovde Group decreased their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Stephens increased their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. Finally, Keefe, Bruyette & Woods cut 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. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $83.80.

Insider Activity

In related news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $73.62, for a total transaction of $36,810.00. Following the transaction, the director now owns 105,315 shares of the company's stock, valued at $7,753,290.30. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders have sold 5,500 shares of company stock valued at $382,420. Company insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Performance

NYSE PB traded down $0.84 during trading on Wednesday, reaching $71.12. The company's stock had a trading volume of 80,354 shares, compared to its average volume of 622,706. The business's fifty day moving average price is $68.94 and its 200-day moving average price is $75.05. Prosperity Bancshares, Inc. has a twelve month low of $57.16 and a twelve month high of $86.75. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 14.05, a P/E/G ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company posted $1.18 earnings per share. 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 business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.26%. Prosperity Bancshares's dividend payout ratio (DPR) is currently 44.19%.

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.