Millennium Management LLC Has $22.67 Million Stock Position in Prosperity Bancshares, Inc. (NYSE:PB)

Millennium Management LLC lowered its stake 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 period. Millennium Management LLC owned 0.32% of Prosperity Bancshares worth $22,666,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PB. Blue Trust Inc. raised its holdings in shares of Prosperity Bancshares by 14.9% in the 4th quarter. Blue Trust Inc. now owns 987 shares of the bank's stock valued at $71,000 after purchasing an additional 128 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in Prosperity Bancshares by 4.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,069 shares of the bank's stock valued at $229,000 after purchasing an additional 128 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Prosperity Bancshares by 3.8% in the fourth quarter. Sanctuary Advisors LLC now owns 5,359 shares of the bank's stock valued at $430,000 after purchasing an additional 194 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in shares of Prosperity Bancshares by 23.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,010 shares of the bank's stock worth $76,000 after buying an additional 195 shares during the last quarter. Finally, Savant Capital LLC grew its stake in 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 buying an additional 197 shares during the last quarter. 80.69% of the stock is owned by institutional investors.

Insider Activity

In other Prosperity Bancshares news, Director Ned S. Holmes sold 500 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $73.62, for a total value of $36,810.00. Following the completion of the transaction, the director now owns 105,315 shares in the company, valued at $7,753,290.30. This represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 5,500 shares of company stock worth $382,420 over the last quarter. Insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Royal Bank of Canada dropped their price target on Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a report on Thursday, April 24th. Keefe, Bruyette & Woods cut their price objective on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a report on Monday, May 5th. Stephens raised their target price on shares of Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Barclays cut their price target on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Finally, StockNews.com upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.71.

Prosperity Bancshares Trading Down 1.2%

Shares of PB opened at $71.89 on Wednesday. Prosperity Bancshares, Inc. has a 12 month low of $57.16 and a 12 month high of $86.76. The stock's 50-day moving average price is $68.94 and its two-hundred day moving average price is $75.05. The company has a market capitalization of $6.85 billion, a PE ratio of 14.21, a PEG ratio of 0.94 and a beta of 0.70.

Prosperity Bancshares (NYSE:PB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $306.68 million during the quarter, compared to the consensus estimate of $307.17 million. Prosperity Bancshares had a net margin of 26.79% and a return on equity of 6.64%. The company's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.18 EPS. Equities research analysts predict that Prosperity Bancshares, Inc. will post 5.83 EPS for the current fiscal year.

Prosperity Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 13th will be issued 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 dividend yield of 3.23%. 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.

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