Prosperity Bancshares, Inc. (NYSE:PB) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 16.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 252,397 shares of the bank's stock after selling 50,460 shares during the quarter. New York State Common Retirement Fund owned 0.26% of Prosperity Bancshares worth $18,014,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. raised its holdings in Prosperity Bancshares by 1.9% during the first quarter. Xponance Inc. now owns 10,834 shares of the bank's stock worth $773,000 after purchasing an additional 205 shares during the last quarter. State of Michigan Retirement System lifted its stake in Prosperity Bancshares by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 22,797 shares of the bank's stock valued at $1,627,000 after buying an additional 200 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in Prosperity Bancshares in the 1st quarter valued at approximately $326,000. MeadowBrook Investment Advisors LLC lifted its stake in Prosperity Bancshares by 21.4% in the 1st quarter. MeadowBrook Investment Advisors LLC now owns 3,120 shares of the bank's stock valued at $223,000 after buying an additional 550 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC lifted its stake in Prosperity Bancshares by 4.9% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 3,326 shares of the bank's stock valued at $237,000 after buying an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 80.69% of the company's stock.

Analysts Set New Price Targets

PB has been the topic of a number of recent research reports. Royal Bank Of Canada reduced their target price 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. Barclays reduced their target price on Prosperity Bancshares from $88.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen raised Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Hovde Group reduced their price target on Prosperity Bancshares from $90.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Finally, Jefferies Financial Group began coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Prosperity Bancshares currently has an average rating of "Moderate Buy" and a consensus target price of $83.80.

Insider Buying and Selling at Prosperity Bancshares

In other news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $71.98, for a total transaction of $35,990.00. Following the completion of the sale, the director directly owned 97,415 shares in the company, valued at $7,011,931.70. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 11,900 shares of company stock worth $842,005 in the last three months. 4.20% of the stock is owned by company insiders.

Prosperity Bancshares Price Performance

NYSE PB traded down $0.20 during trading hours on Friday, hitting $73.58. The company had a trading volume of 534,147 shares, compared to its average volume of 602,537. Prosperity Bancshares, Inc. has a fifty-two week low of $61.57 and a fifty-two week high of $86.76. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.00 and a beta of 0.68. The firm's 50 day moving average is $70.97 and its 200 day moving average is $72.31.

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

Prosperity Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid 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 3.15%. Prosperity Bancshares's dividend payout ratio is presently 44.19%.

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.