Millennium Management LLC Decreases Stake in Prosperity Bancshares, Inc. (NYSE:PB)

Millennium Management LLC cut its holdings in shares of Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 21.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 300,803 shares of the bank's stock after selling 81,207 shares during the quarter. Millennium Management LLC owned 0.32% of Prosperity Bancshares worth $22,666,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Prosperity Bancshares during the fourth quarter worth $68,986,000. North Reef Capital Management LP acquired a new position in Prosperity Bancshares during the 4th quarter worth $29,211,000. Northern Trust Corp increased its holdings in Prosperity Bancshares by 25.5% during the 4th quarter. Northern Trust Corp now owns 937,108 shares of the bank's stock worth $70,611,000 after purchasing an additional 190,449 shares during the period. ExodusPoint Capital Management LP increased its holdings in Prosperity Bancshares by 462.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 169,778 shares of the bank's stock worth $12,793,000 after purchasing an additional 139,585 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Prosperity Bancshares in the 4th quarter valued at about $8,643,000. Hedge funds and other institutional investors own 80.69% of the company's stock.

Prosperity Bancshares Stock Performance

Shares of PB stock traded down $0.12 during mid-day trading on Monday, hitting $69.80. 551,425 shares of the stock were exchanged, compared to its average volume of 590,358. The stock's fifty day simple moving average is $68.86 and its two-hundred day simple moving average is $74.83. Prosperity Bancshares, Inc. has a 12-month low of $57.16 and a 12-month high of $86.76. The stock has a market capitalization of $6.65 billion, a price-to-earnings ratio of 13.79, 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 the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.18 EPS. On average, research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Stephens boosted their price objective on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Morgan Stanley dropped their price objective on shares of Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada reduced their price objective on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating on the stock in a report on Thursday, April 24th. Finally, Raymond James lifted their price objective on shares of Prosperity Bancshares from $82.00 to $87.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $83.80.

Insider Transactions at Prosperity Bancshares

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

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.