Man Group plc Purchases New Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Man Group plc purchased a new stake in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,340 shares of the bank's stock, valued at approximately $628,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Smartleaf Asset Management LLC increased its holdings in Prosperity Bancshares by 487.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 376 shares of the bank's stock worth $28,000 after buying an additional 312 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of 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 acquiring an additional 409 shares during the period. UMB Bank n.a. grew its position in shares of Prosperity Bancshares by 102.7% during the 4th 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. Aster Capital Management DIFC Ltd grew its position in Prosperity Bancshares by 349.5% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 917 shares of the bank's stock worth $69,000 after buying an additional 713 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Prosperity Bancshares by 14.9% in the fourth quarter. Blue Trust Inc. now owns 987 shares of the bank's stock worth $71,000 after purchasing an additional 128 shares during the period. 80.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PB shares. Hovde Group decreased their price objective on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Jefferies Financial Group started coverage on shares of Prosperity Bancshares in a report on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Royal Bank of Canada dropped their price objective on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Stephens increased their price target on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Insider Buying and Selling

In other news, Director Ned S. Holmes sold 500 shares of Prosperity Bancshares stock in a transaction on Wednesday, March 5th. The shares were 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 in the company, valued at $7,753,290.30. This trade represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 7,700 shares of company stock worth $537,759 in the last quarter. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Stock Down 0.2%

Shares of NYSE:PB traded down $0.16 during midday trading on Friday, hitting $69.96. 38,280 shares of the stock traded hands, compared to its average volume of 624,475. The business's 50 day moving average is $68.80 and its two-hundred day moving average is $74.67. The stock has a market capitalization of $6.66 billion, a PE ratio of 13.82, a P/E/G ratio of 0.94 and a beta of 0.70. Prosperity Bancshares, Inc. has a one year low of $57.16 and a one year high of $86.75.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly 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. 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 revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 earnings per share. As a group, sell-side analysts forecast that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Dividend Announcement

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