Bank of America Corp DE Has $19.53 Million Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Bank of America Corp DE grew its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 259,125 shares of the bank's stock after buying an additional 10,622 shares during the period. Bank of America Corp DE owned approximately 0.27% of Prosperity Bancshares worth $19,525,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its holdings in 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 during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Prosperity Bancshares by 4.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock worth $229,000 after buying an additional 128 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Prosperity Bancshares by 3.8% during the 4th quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock valued at $430,000 after purchasing an additional 194 shares in the last quarter. First Horizon Advisors Inc. grew its position in shares of Prosperity Bancshares by 23.9% in the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock valued at $76,000 after purchasing an additional 195 shares during the period. Finally, Savant Capital LLC grew its position in shares of Prosperity Bancshares by 4.6% in the 4th quarter. Savant Capital LLC now owns 4,505 shares of the bank's stock valued at $339,000 after purchasing an additional 197 shares during the period. Institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Trading Down 0.2%

Shares of Prosperity Bancshares stock traded down $0.12 on Friday, reaching $69.80. 551,425 shares of the company were exchanged, compared to its average volume of 590,358. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.76. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 0.94 and a beta of 0.70. The company has a 50-day moving average of $68.89 and a 200 day moving average of $74.90.

Prosperity Bancshares (NYSE:PB - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share 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 business had revenue of $306.68 million for the quarter, compared to analyst estimates of $307.17 million. During the same period in the previous year, the firm earned $1.18 EPS. The firm's revenue was up 10.7% compared to the same quarter last year. Analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.32 annualized dividend and a dividend yield of 3.32%. Prosperity Bancshares's dividend payout ratio is currently 44.19%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PB shares. Stephens boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Barclays decreased 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 decreased 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. Raymond James upped their price target on Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Finally, Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total value of $35,315.00. Following the completion of the transaction, the director now directly owns 104,815 shares in the company, valued at approximately $7,403,083.45. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 6,600 shares of company stock worth $460,409 in the last ninety days. 4.20% of the stock is owned by 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.