Bank of America Corp DE Grows Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Bank of America Corp DE lifted its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 259,125 shares of the bank's stock after buying an additional 10,622 shares during the quarter. Bank of America Corp DE owned approximately 0.27% of Prosperity Bancshares worth $19,525,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HB Wealth Management LLC bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $216,000. Ameritas Advisory Services LLC bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $206,000. UMB Bank n.a. grew its stake in Prosperity Bancshares by 102.7% in the fourth quarter. UMB Bank n.a. now owns 592 shares of the bank's stock worth $45,000 after purchasing an additional 300 shares in the last quarter. Dakota Wealth Management bought a new position in Prosperity Bancshares in the fourth quarter worth approximately $237,000. Finally, Olistico Wealth LLC grew its stake in Prosperity Bancshares by 93.5% in the fourth quarter. Olistico Wealth LLC now owns 2,872 shares of the bank's stock worth $216,000 after purchasing an additional 1,388 shares in the last quarter. 80.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Hovde Group dropped their price objective on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Royal Bank of Canada dropped their target price on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research report on Thursday, April 24th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research report on Wednesday. They set a "buy" rating and a $85.00 target price on the stock. Finally, Stephens increased their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $83.80.

Insider Buying and Selling

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $63.62, for a total transaction of $31,810.00. Following the completion of the transaction, the director now owns 102,815 shares in the company, valued at approximately $6,541,090.30. This trade represents a 0.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 6,600 shares of company stock worth $460,409 in the last 90 days. Insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 0.0%

Shares of Prosperity Bancshares stock traded down $0.03 during trading on Thursday, reaching $69.92. The company's stock had a trading volume of 772,739 shares, compared to its average volume of 588,185. The company has a market cap of $6.66 billion, a price-to-earnings ratio of 13.82, a P/E/G ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a 1-year low of $57.16 and a 1-year high of $86.76. The company has a 50-day simple moving average of $68.91 and a two-hundred day simple moving average of $74.99.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its 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 company had revenue of $306.68 million during 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 firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $1.18 EPS. As a group, analysts anticipate that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

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 of this dividend is Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.32%. Prosperity Bancshares's dividend payout ratio (DPR) is 44.19%.

About Prosperity Bancshares

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.