Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its position in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 64.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,449 shares of the bank's stock after selling 31,552 shares during the quarter. M&T Bank Corp's holdings in Prosperity Bancshares were worth $1,245,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Prosperity Bancshares by 8.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,362 shares of the bank's stock worth $525,000 after buying an additional 561 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Prosperity Bancshares by 0.4% during the first quarter. Principal Financial Group Inc. now owns 219,056 shares of the bank's stock worth $15,634,000 after buying an additional 855 shares during the period. Teacher Retirement System of Texas lifted its stake in shares of Prosperity Bancshares by 23.1% during the first quarter. Teacher Retirement System of Texas now owns 21,818 shares of the bank's stock worth $1,557,000 after buying an additional 4,098 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of Prosperity Bancshares by 45.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 7,281 shares of the bank's stock worth $549,000 after buying an additional 2,263 shares during the period. Finally, Cetera Investment Advisers lifted its stake in shares of Prosperity Bancshares by 5.9% during the fourth quarter. Cetera Investment Advisers now owns 7,675 shares of the bank's stock worth $578,000 after buying an additional 427 shares during the period. 80.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PB has been the subject of a number of research reports. Wall Street Zen upgraded shares of Prosperity Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Keefe, Bruyette & Woods decreased their target price on shares of Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Royal Bank Of Canada decreased their target price on shares of Prosperity Bancshares from $85.00 to $78.00 and set a "sector perform" rating for the company in a research report on Thursday, April 24th. Hovde Group decreased their target price on shares of Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Finally, Jefferies Financial Group initiated coverage on shares of Prosperity Bancshares in a research report on Wednesday, May 21st. They set a "buy" rating and a $85.00 target price for the company. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.80.

Prosperity Bancshares Trading Up 1.9%

Shares of Prosperity Bancshares stock traded up $1.38 during trading hours on Thursday, reaching $73.78. The stock had a trading volume of 477,764 shares, compared to its average volume of 602,810. The stock's 50 day moving average is $70.97 and its 200 day moving average is $72.31. The firm has a market capitalization of $7.03 billion, a PE ratio of 14.05, a PEG ratio of 1.00 and a beta of 0.68. Prosperity Bancshares, Inc. has a twelve month low of $61.57 and a twelve month high of $86.76.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The bank reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. The business 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 27.69% and a return on equity of 6.81%. The company's revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.18 earnings per share. As a group, sell-side analysts predict that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current year.

Prosperity Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.32 annualized dividend and a dividend yield of 3.14%. Prosperity Bancshares's dividend payout ratio (DPR) is presently 44.19%.

Insider Buying and Selling at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 600 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $70.89, for a total transaction of $42,534.00. Following the completion of the transaction, the director owned 45,700 shares in the company, valued at $3,239,673. This represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 11,900 shares of company stock worth $842,005. 4.20% of the stock is owned by corporate insiders.

Prosperity Bancshares 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.