Nuveen Asset Management LLC Sells 29,748 Shares of Prosperity Bancshares, Inc. (NYSE:PB)

Nuveen Asset Management LLC lessened its holdings in Prosperity Bancshares, Inc. (NYSE:PB - Free Report) by 8.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,121 shares of the bank's stock after selling 29,748 shares during the quarter. Nuveen Asset Management LLC owned 0.35% of Prosperity Bancshares worth $25,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of PB. Norges Bank bought a new position in shares of Prosperity Bancshares during the 4th quarter worth $68,986,000. North Reef Capital Management LP bought a new position in shares of Prosperity Bancshares during the 4th quarter worth $29,211,000. Northern Trust Corp grew its stake in shares of 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 acquiring an additional 190,449 shares during the period. ExodusPoint Capital Management LP grew its stake in shares of 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 acquiring an additional 139,585 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Prosperity Bancshares during the 4th quarter worth $8,643,000. Institutional investors own 80.69% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PB shares. Morgan Stanley cut their price target on Prosperity Bancshares from $102.00 to $94.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Jefferies Financial Group started coverage on Prosperity Bancshares in a research note on Wednesday, May 21st. They set a "buy" rating and a $85.00 price target for the company. Wall Street Zen upgraded Prosperity Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Stephens raised their target price on Prosperity Bancshares from $93.00 to $94.00 and gave the stock an "overweight" rating in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods cut their target price on Prosperity Bancshares from $95.00 to $90.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Prosperity Bancshares has an average rating of "Moderate Buy" and a consensus price target of $83.80.

Insider Activity at Prosperity Bancshares

In related news, Director Ned S. Holmes sold 500 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $70.63, for a total transaction of $35,315.00. Following the transaction, the director now directly owns 104,815 shares in the company, valued at $7,403,083.45. This trade represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 6,600 shares of company stock valued at $460,409. Corporate insiders own 4.20% of the company's stock.

Prosperity Bancshares Price Performance

Shares of NYSE:PB traded up $0.96 on Tuesday, hitting $70.75. The company's stock had a trading volume of 275,960 shares, compared to its average volume of 589,166. The company has a 50-day simple moving average of $68.86 and a 200 day simple moving average of $74.83. Prosperity Bancshares, Inc. has a 1 year low of $57.16 and a 1 year high of $86.76. The company has a market capitalization of $6.74 billion, a PE ratio of 13.99, 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. The company had revenue of $306.68 million for the quarter, compared to analysts' expectations of $307.17 million. Prosperity Bancshares had a return on equity of 6.64% and a net margin of 26.79%. Prosperity Bancshares's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $1.18 EPS. On average, equities research analysts expect that Prosperity Bancshares, Inc. will post 5.83 earnings per share for the current fiscal year.

Prosperity Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 13th will be issued a dividend of $0.58 per share. 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 3.28%. Prosperity Bancshares's dividend payout ratio is 44.19%.

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.