Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 811,609 shares of the bank's stock after selling 19,657 shares during the period. Bank of New York Mellon Corp owned 0.85% of Prosperity Bancshares worth $57,925,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PB. Jones Financial Companies Lllp raised its position in Prosperity Bancshares by 368.5% in the fourth quarter. Jones Financial Companies Lllp now owns 520 shares of the bank's stock valued at $39,000 after purchasing an additional 409 shares during the period. Aster Capital Management DIFC Ltd raised its position in Prosperity Bancshares by 349.5% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock valued at $69,000 after purchasing an additional 713 shares during the period. Quarry LP purchased a new stake in Prosperity Bancshares in the fourth quarter valued at $88,000. Fifth Third Bancorp raised its holdings in shares of Prosperity Bancshares by 44.9% in the 1st quarter. Fifth Third Bancorp now owns 1,277 shares of the bank's stock valued at $91,000 after buying an additional 396 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in shares of Prosperity Bancshares by 28.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,603 shares of the bank's stock valued at $121,000 after buying an additional 355 shares during the period. 80.69% of the stock is owned by hedge funds and other institutional investors.

Prosperity Bancshares Trading Up 0.3%

Shares of NYSE PB traded up $0.19 during trading hours on Monday, reaching $74.00. The stock had a trading volume of 38,850 shares, compared to its average volume of 604,398. The firm has a market cap of $7.05 billion, a price-to-earnings ratio of 14.11, a PEG ratio of 0.92 and a beta of 0.68. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.76. The firm has a 50-day moving average of $70.72 and a 200-day moving average of $72.32.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. The firm had revenue of $306.68 million during the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.81% and a net margin of 27.69%. The business's revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.18 EPS. On average, equities analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current year.

Prosperity Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 13th were given a dividend of $0.58 per share. The ex-dividend date was Friday, June 13th. This represents a $2.32 dividend on an annualized basis and a yield of 3.13%. Prosperity Bancshares's payout ratio is 44.19%.

Analyst Ratings Changes

Several brokerages have weighed in on PB. Royal Bank Of Canada cut their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Hovde Group cut their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Jefferies Financial Group began coverage on Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Finally, Barclays cut their price target on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Insiders Place Their Bets

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $74.13, for a total transaction of $37,065.00. Following the completion of the sale, the director directly owned 97,915 shares of the company's stock, valued at approximately $7,258,438.95. This trade represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 10,200 shares of company stock worth $716,512. 4.20% of the stock is currently owned by company 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.